Russian Apex Bank Lifts Rates

Russia’s Economy Minister Maxim Reshetnikov says the economy is expected to grow by an average of 3% in the period 2022-24, with the central bank raising interest rates to curb inflation.<br />The ministry also upgraded its growth forecast for this year to 4.2% from 3.8%, as the economy recovers from the coronavirus pandemic and lower oil prices faster than expected.<br />The Russian Central Bank this month raised its key rate for the fifth time this year, to 6.75%, as it tries to bring inflation under control, and has signalled that more hikes are possible.<br />The ministry sees inflation returning to the central bank’s target of 4.0% next year and staying stable around that level through to 2024.