Central Bank kept key rate at 20% per annum
On March 18, 2022, the Board of Directors of the Bank of Russia decided to keep the key rate at 20% per annum. To this record value, the rate was raised on February 28 amid EU and US sanctions.
The press service of the regulator notes that this measure supported financial stability and prevented uncontrolled price increases.
“The Russian economy is entering a phase of massive structural adjustment, which will be accompanied by a temporary but inevitable period of elevated inflation, mainly related to the adjustment of relative prices for a wide range of goods and services. The monetary policy pursued by the Bank of Russia will create conditions for the gradual adaptation of the economy to new conditions and the return of annual inflation to 4% in 2024.
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