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euronews (in English)
  • 1 year ago
Russia's central bank raised its interest rate by a full percentage point on Friday as government military spending in its invasion of Ukraine strains the economy.
Transcript
00:00Russia's central bank raised its interest rate by a full percentage point as government
00:07military spending in its invasion of Ukraine strains the economy.
00:12Interest rates hiked from 18 to 19 percent as the country struggles with high inflation.
00:19In a statement, the central bank said growth in domestic demand is still significantly
00:24outstripping the capabilities to expand the supply of goods and services.
00:30Moscow's spending since Russia's full-scale invasion of Ukraine in 2022 has challenged
00:36the country's ability to produce goods and services and drove up workers' wages.
00:43Russia's economy continues to show solid growth as a result of continuing oil export revenues
00:48and government spending on goods, including the military.
00:53One result is inflation, which the central bank has tried to combat with higher rates
00:58to make it more expensive to borrow and spend on goods, theoretically relieving pressure
01:03on prices.
01:05This rate rise marks the seventh in over a year.
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