Russian Central Bank Raises Interest Rate to 19% Amid Surging Inflation

The rate hike aims to curb inflation driven by increased military spending and a growing economy.

Russia's central bank increased its key interest rate by 1 percentage point to 19%, citing persistent inflationary pressures.
Inflation in Russia stands at 9.1%, with the central bank aiming to reduce it to 4% by 2025.
Increased government spending on the military has strained the economy, driving up wages and prices.
Russia's economy continues to grow, bolstered by oil exports and high government spending, despite international sanctions.
The central bank warned that further rate hikes might be necessary in the coming months to achieve its inflation targets.