INSUBCONTINENT EXCLUSIVE:
Russia's Central Bank held interest rates unchanged on Friday, despite inflation running well ahead of its target and repeated warnings that
a surge in military spending is overheating the economy.The bank kept its key rate at 16% but signaled it could hike borrowing costs in the
future if the pace of price rises does not slow down
Inflation is currently running at 8.2% year-on-year, more than double the Russian Central Bank's 4% target."Returning inflation
statement released Friday
earlier this week that she remains committed to bringing inflation down to the 4% target
But the regulator removed a 2024 inflation forecast from its statement on Friday and said inflation would hit its desired level by only next
year.Russia's economy has grown strongly after recovering from the initial shock of Western sanctions and the immediate fallout of launching
its full-scale invasion of Ukraine in February 2022.Spending on the war has managed to bolster the economy, but with the side effect of
creating vast labor shortages, as hundreds of thousands of men have been mobilized to fight in the conflict and fill the ranks of Russia's
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