Russia’s central bank on Tuesday hiked interest rates by 350 basis points to 12% at an emergency meeting, as Moscow looks to halt a rapid depreciation of the country’s ruble currency.
The ruble slumped to near 102 to the dollar on Monday, as President Vladimir Putin’s economic advisor, Maxim Oreshkin, penned an op-ed in Russian state-owned Tass news agency that blamed the plunging currency and the acceleration of inflation on the “loose monetary policy” of the central bank.
(That’s a 3.5% hike to anyone who doesn’t religiously follow central bank policy)
By comparison during the height of the inflation issue in the US the fed only hiked it 0.75% at each meeting for a couple meetings
I don’t think there’s really a comparison, but the US Fed increased the prime rate significantly more than how you worded that. They did it over a year or so depending on how you interpret the data. The rate was increased by 5%, which is more than double, from 3/22 to 8/23.
https://www.jpmorganchase.com/about/our-business/historical-prime-rate
Jokes on you I worship my central bank shrine every morning.
3.5% point*