The Central Bank of Russia recently raised its key interest rate by 200 basis points to 18%, the highest level in over two years. This decision was made to combat accelerated inflation, which has risen to 9.0% as of July 22, 2024, up from 8.6% in June. The bank also revised its inflation forecast for 2024 upwards to 6.5-7.0%. This move indicates the bank’s commitment to tighter monetary policies to stabilize the economy and curb inflation (Devdiscourse)