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The ECB finally joined the global rate-hike club this week, increasing rates by an unexpectedly large 50 basis points. That move was copied by Denmark later that day. Elsewhere, Nigeria raised borrowing costs by a percentage point, South Africa by 75 basis points and Eswatini by 50 basis points. Russia’s central bank went the opposite direction, cutting its benchmark to 8% — below their level before the invasion of Ukraine.
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