Bank of Russia raised key rate to 20% per annum
The Board of Directors of the Bank of Russia decided to raise the key rate from February 28, 2022, to 20% per annum.
"The external conditions for the Russian economy have changed dramatically. An increase in the key rate will make it possible to ensure an increase in deposit rates to the levels necessary to compensate for the increased devaluation and inflation risks. This will help maintain financial and price stability and protect citizens' savings from depreciation," the Central Bank said in an official statement.
The Bank of Russia will make further decisions on the key rate based on assessing risks from external and internal conditions and the reaction of financial markets to them and taking into account the actual and expected inflation trends relative to the target, economic development over the forecast horizon.
As Bashinform News Agency reported earlier, on February 11, the Bank of Russia raised its key rate to 9.5% per annum.
Author: Galina Bakhshieva
www.bashinform.ru
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