Russian President Vladimir Putin said that the Russian Central Bank's key rate increase was a necessary measure. According to him, this was a response to inflation.
"The Central Bank, as a key institution responsible for maintaining macroeconomic stability, had to react accordingly",
Vladimir Putin said.
Let us remind you that on July 21, the Central Bank of Russia sharply raised its key rate to 8.5%.
"The increase in the domestic demand surpasses the capacity to expand production, including due to limited availability of labor resources. This reinforces persistent inflationary pressure in the economy",
the Russian Central Bank announced.