Russia keeps rates at 21% amid inflation struggles fueled by war spendings

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The story "Russia keeps rates at 21% amid inflation struggles fueled by war spendings" was covered 8 hours ago by Business Standard, a news publisher based in India.

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Russia keeps rates at 21% amid inflation struggles fueled by war spendings - Business Standard

Quick Summary:

Factories are running three shifts making everything from vehicles to clothing for the military, while a labour shortage is driving up wages and fat enlistment bonuses are putting more rubles in people's bank accounts to spend.

Russia's central bank has left its benchmark interest rate at 21 per cent, holding off on further increases as it struggles to snuff out inflation fueled by the government's spending on the war against Ukraine.

The decision comes amid criticism from influential business figures, including tycoons close to the Kremlin, that high rates are putting the brakes on business activity and the economy.