The ruble’s depreciation is bound to fuel inflation, already around 11% and far above the CBR’s 5% target. In that context, raising the interest rate sharply makes sense, and officials may be hoping that the hike will stem capital outflows – despite the risk that the decision, if interpreted as being aimed at defending the currency, could have the opposite effect.
这就让俄罗斯央行面临了挑战。卢布贬值眼看就要助长通胀&mdash;&mdash;目前通胀应达到了11%，远超俄罗斯央行5%的目标。在这样的背景下，大幅提升利率有其作用，官员或许也希望加息能阻止资本外逃&mdash;&mdash;尽管如果这一行为被解读为意在捍卫卢布，可能起到相反的作用。