On Friday, the Russian central bank warned — yet again — of an overheating economy when it hiked rates from 16% to 18% in an attempt to rein in price gains. This suggests that overheating in the economy has remained considerable," said Elvira Nabiullina, Russia's central bank governor, on Friday during her rate hike announcement. Russians are traveling and spending on culture and hotelsThe rate hike from Russia's central bank comes amid a spending boom in the country where many appear to be spending very freely, even amid the war and Western sanctions, as the Financial Times reported on Friday. Russia's central bank may hike rates again if necessaryNabiullina said on Friday that Russia's GDP will grow 3.5% to 4% this year from a year ago. The central bank next meets on September 13.

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Persons: —, Elvira Nabiullina, they're, Sergei Ishkov, Sawicki, Nabiullina, it's Organizations: Service, Business, Financial Times, Labour Locations: Russia, Russian, Russia's, Ukraine, Moscow, stoke