Russia’s central bank has warned that the Russian economy is at risk of overheating, with interest rates rising again, casting a pall over Moscow’s financial health.
The 100 basis point rise to 16% was the fifth rate rise since the summer as the central bank grapples with accelerating inflation, which rose to 7.5% year-on-year in November. However, Moscow has exceeded expectations despite Western sanctions following its large-scale invasion of Ukraine.