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Russia's economy on the brink: wave of inflation forces interest rates to rise!
Russia is struggling with rising inflation and higher interest rates, while investment projects and economic stability are threatened.
Russia's economy on the brink: wave of inflation forces interest rates to rise!
Russia's economy faces significant challenges, characterized by persistently high inflation and rising interest rates. Loud fr.de The inflation rate rose to 9.50% in December 2024 from 8.90% in November. Analysts predict that inflation could reach a rate of 10.50% by early 2025.
The key interest rate, currently at 21%, remained unchanged in December despite rising inflation. Experts suspect an increase of up to 25% is possible. The increase in payment defaults in the Russian economy is particularly worrying: 19% of large and medium-sized companies and 25% of small companies reported payment problems between July and September. Executives of large state-owned companies express concerns that a higher key interest rate could have a negative impact on investment projects.
Key interest rate adjustments and inflation forecasts
In a further step to combat inflation, the Central Bank of Russia has raised the key interest rate by two percentage points to 18% the press reported. This means that the key interest rate has reached its highest level since April 2022. This measure comes against the background of an inflation rate that rose to 8.6% in June, which is more than twice as high as the central bank's target.
The inflation forecast has been increased to 6.5 to 7.0% for 2024, while the inflation rate is expected to fall to 4.0 to 4.5% for 2025. The stated goal of the Central Bank, headed by Elvira Nabiullina, is an inflation rate of four percent. The aim of the current monetary policy is to cushion the negative effects of the war in Ukraine and Western sanctions on the Russian economy.