MADRID Jan. 4 () –
The British secret services have published a report in which they warn that the decision of the Russian Central Bank (BCR) to maintain the price of money at 21 percent deepens the effects of “overheating” and “imbalances” in the Russian economy. , affected by the war in Ukraine.
“The BCR’s decision to maintain interest rates at the current level aggravates the imbalances in the economy due to the inflationary effects of the depreciation (of the ruble), the lack of labor and high public spending,” noted the Ministry of Defense in a statement.
This refers to the decision of December 20 to maintain money interest rates, which “represents a change in policy”, focused until now on containing inflation. In October, rates were raised from 19 to 21 percent, “the highest rate since the start of the war, in 2022.”
“Criticism about high interest rates is growing among Russian employers, but it is also very likely that inflationary pressures will intensify in part due to the recent depreciation of the ruble,” he noted.
In the monetary field, London remembers that in November the ruble reached its lowest price against the US dollar since the invasion of Ukraine in 2022: 114 rubles per dollar. The United Kingdom attributes this depreciation to the sanctions imposed on the public bank Gazprombank and the publication of economic statistics that “revealed an overheating of the Russian economy.”
In response, the CBR announced the cessation of currency purchases until 2025, which has not prevented the ruble from remaining above 100 currencies per dollar, which in turn led to a possible increase in interest rates.
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