AdvertisementRussia's central bank has been hiking its key interest rate to combat inflation.
Business leaders have slammed Russia's increasing interest rate, saying it restricted their growth.
Russia's top central banker, Elvira Nabiullina, told the government yesterday that the country is approaching a "turning point" for inflation and interest rates, Moscow-based RBC Group reported.
Last month, to tame prices, Russia's central bank hiked its key interest rate to a record high of 21%.
He also downgraded Russia's fixed capital investment growth from 1.9% to 1%, blaming the central bank's key rate.
Persons:
Elvira Nabiullina, Nabiullina, Andrei Klepach, Alexander Shokhin
Organizations:
Business, RBC Group, State Duma, Industrialists
Locations:
Moscow, Ukraine, Russia, Russian Union