Russia raises key interest rate to 12 pct, citing inflation

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Russia raises key interest rate to 12 pct, citing inflation

STORY: Russia raises key interest rate to 12 pct, citing inflation DATELINE: Aug. 16, 2023 LENGTH: 00:01:36 LOCATION: Moscow CATEGORY: ECONOMY SHOTLIST: 1. various of the Central Bank of Russia in Moscow 2. various of Moscow city 3. various of a money exchange bureau in Moscow 4. various of Moscow city STORYLINE: Russia's Central Bank has decided to raise the key interest rate by 350 basis points to 12 percent, it said in a statement Tuesday. During an emergency meeting, the bank announced the rate increase and said the decision was "aimed at limiting price stability risks" amid inflation pressure. "As of Aug. 7, the annual rate of inflation rose to 4.4 percent while current price growth rates continue to increase," the bank said in a statement. According to the bank, steady growth in domestic demand has surpassed the capacity to expand production, increasing inflationary pressure and influencing the ruble's exchange rate dynamics through elevated demand for imports. "Consequently, the pass-through of

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