Russia Holds Key Rate At Two-decade High Despite Slowdown Fears

Source: International Business Times

Economists have warned the Russian economy is showing signs of slowing down AFP Russia's central bank kept borrowing costs at a two-decade high of 21 percent on Friday to combat rampant inflation, despite banks and businesses warning the economy was headed for a slowdown. Prices have been rising quickly across the Russian economy for months, driven up by massive government spending on the Ukraine conflict and deep labour shortages. Eye-watering lending rates have meanwhile hit businesses hard, with some of the country's top corporate leaders putting pressure on the central bank to relax rates.