Russia’s central bank sounded alarms on the economy Friday as the falling ruble and a record labor shortage add inflationary pressures.
Policymakers kept the benchmark interest rate steady at 7.5%, where it has been since September, but signaled an increase may be coming soon.
“The option of hiking the rate was considered, but by consensus we decided to hold the rate, but tighten the signal,” Governor Elvira Nabiullina said at a news conference, according to Reuters, adding that “the likelihood of a rate hike has increased.”