Russian central bank holds rates steady at 21% amid criticism from key business figures
Associated Press
Russia’s central bank has left its benchmark interest rate at 21%, 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. High rates can dampen inflation but also make it more expensive for businesses to get the credit they need to operate and invest.