“The Bank of Canada today raised its key rate to 1%,” the foreign regulator said in a statement.

The bank noted that the country is experiencing "strong growth" of the economy - for example, the salary of Canadian residents has actually returned to pre-pandemic levels and continues to grow.

Earlier, the Central Bank of Russia decided to lower the key rate to 17% per annum.

Central Bank Chairman Elvira Nabiullina noted that the Russian regulator would take all necessary measures to support the domestic financial sector.