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Russian central bank announces major interest rate hike

The Bank of Russia raised interest rates by 350 basis points to 12% at an emergency meeting on Tuesday in a bid to halt the rapid depreciation of the ruble against world currencies. “Inflationary pressure is building up… The decision is aimed at limiting price stability risks,” the regulator said …

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EU central bank warns ‘outlook is darkening’

Europe is facing lower-than-expected economic growth as inflation continues to climb, European Central Bank chief Christine Lagarde revealed on Monday, explaining that the ECB had raised interest rates by 75 basis points in an attempt to control soaring prices. Speaking before the European Parliament’s Committee on Economic and Monetary Affairs on …

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Germany to face highest inflation in 70 years – central bank

Germany is about to see its highest inflation in decades, the president of the nation’s central bank, Joachim Nagel, told the Rheinische Post on Saturday, adding that Germany might fall into a recession. “An inflation rate of even 10% is possible in the autumn months,” Nagel told the paper, adding …

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US central bank needs to increase interest rates more, chair says

The Federal Reserve will have to further accelerate increasing interest rates in order to rein in inflation, which is already at 40-year highs, Fed chairman Jerome Powell told the Senate Banking Committee on Wednesday. “I think that the most recent inflation indicators, [the] various kinds, suggest to us that we …

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Russia should rethink its export-driven economy – central bank

The Russian government should reconsider the way the nation’s export-dependent economy is functioning under the current circumstances, according to the country’s central bank governor Elvira Nabiullina. Speaking at the St. Petersburg International Economic Forum on Thursday, Nabiullina said that a “substantial part” of the country’s industry should work for the …

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Russia not facing default – central bank

Russia has all the necessary financial resources to allow the economy to function under sanctions pressure, the Governor of the Central Bank Elvira Nabiullina said on Thursday at a meeting of the State Duma. She stressed there is no danger of default for the country. “Russia has the resources, all …

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US central bank warns of housing bubble

The Federal Reserve Bank’s Dallas branch has warned of a “brewing US housing bubble,” saying that prices have surged beyond levels justified by market fundamentals, creating risk of a market collapse. “There is growing concern that US house prices are again becoming unhinged from fundamentals,” Fed economists said in a …

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NATO bases in Central Asia ‘unacceptable,’ Moscow says

Russian Foreign Minister Sergey Lavrov said on Thursday that any NATO military presence in Central Asia will undermine the security of the Russian-led bloc in the region. The minister made his comment at an Afghanistan-themed summit in Tunxi, China. “We believe it’s unacceptable to have any US and NATO military …

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