Key rate in Russia increased to 8.5% annually
The Bank of Russia raised its key rate to 8.5% annually. This was reported on the official website of the Central Bank of the Russian Federation.
The bank's press service noted that the current price growth rate exceeded 4% annually and continues to grow. The increase in domestic demand exceeds the possibility of expanding production.
“This adds to sustained inflationary pressures in the economy. Inflationary expectations have increased. Domestic demand dynamics and the ruble's weakening since the beginning of 2023 significantly increase pro-inflationary risks. The monetary policy pursued by the Bank of Russia will limit the scale of inflation deviation upwards from the target and is aimed at returning inflation to 4% in 2024,” the Central Bank explained.
The key rate remained at 7.5% per annum, Bashinform News Agency reported.
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