The Russian Central Bank decided on Friday October 27, 2023 to raise the key interest rate by two percentage points to 15%. It is the fourth interest rate increase since the end of July. Since then the interest rate has doubled. Central bank chief Elwira Nabuillina justified the latest decision by saying that the inflation rate in the third quarter was above the monetary authorities’ expectations. In addition, Russian banks issued more loans in the period from July to September than the central bank expected, added Nabuillina’s deputy Alexei Sabotkin. In order for the Russian economy to grow sustainably again and to achieve the inflation target of 4%, monetary policy must be tightened, he emphasized.