Russia economy in freefall as Putin rocked by 21% inflation and central bank warning
Russia's Central Bank has been compelled to maintain its key interest rate at a staggering 21%, dealing a significant blow to the nation's economy. This decision comes as inflation stubbornly remains around 10.3%, according to the most recent financial data for April.
Elvira Nabiullina, the bank's governor, stated that there was widespread agreement among officials to keep the rate steady. She further warned: "What we are saying is that it will be necessary to maintain tight monetary conditions for an extended period of time."
