A Russian rouble banknote is seen in front of a descending and rising stock graph in this illustration taken March 1, 2022. So it’s no surprise that a day after prodding by a Kremlin official, the central bank announced an emergency rate increase of 350 basis points to 12%. Stricter fiscal or monetary policies would hurt an economy weakened by the war effort and Western sanctions. After a record high in 2022, it fell 85% in the first seven months of the year, to some $25 billion, according to the Russian central bank. Before the plunge in the currency, the central bank forecast prices rising 5% to 6.5% this year, above its 4% target.

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Persons: Dado Ruvic, Vladimir Putin, it’s, Putin, Elvira Nabiullina, Vladimir Putin’s, Maxim Oreshkin, Neil Unmack, Oliver Taslic Organizations: REUTERS, Reuters, Kremlin, Reuters Graphics Reuters, Thomson Locations: Russia, Russian, Europe