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Russia says its economy is off to a mostly roaring 2024 [Video]

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Russia News

Russia’s economy is running so hot the Central Bank of Russia is holding rates at 16% to keep inflation in check.

In a report released on Monday by the Russian central bank explaining its decision to keep rates steady in March, the authority said economic activity quickened in the first few months of the year after a slowdown in late 2023.

The pick-up in Russia’s economy shows how the country continues to hold out against Western sanctions as its war against Ukraine stretches into its third year.

Even the Russian central bank appeared to be taken aback by how well the economy was doing.

“The strong, immediate momentum in consumer activity was one of the major surprises at the start of the year,” the central bank said in its report.

Retail sales in Russia rose 3.5% in January from a year ago, official data shows.

Consumer sentiment is also positive and people are increasingly inclined to make large purchases, according to the Russian central bank.

The central bank attributed …

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