Belarus Joins Emerging-Market Interest Rate Hike Club

(Bloomberg) -- Belarus raised its key interest rate to 8.5%, increasing borrowing costs for the first time since 2015. The central bank in Minsk joins emerging-market peers in Russia, Brazil and Turkey, who all hiked rates this year. Still, after paring benchmarks to record lows last year, most monetary policy authorities around the world have maintained ultra-accommodative policy since the start of 2021, with some even cutting them further.

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