Bank of Russia raised key rate to 21% per annum
The Board of Directors of the Bank of Russia decided to raise the key rate from 19% to 21% per annum. This was reported in a press release by the Central Bank. It is noted that inflation is significantly higher than the July forecast of the Bank of Russia. In this regard, further tightening of monetary policy is required to ensure that inflation returns to the target and reduce inflation expectations. According to estimates, as of October 21, annual inflation amounted to 8.4% and is expected to be 8 - 8.5% by the end of 2024.
The next meeting of the Bank of Russia's Board of Directors, at which the issue of the critical rate will be considered, is scheduled for December 20. The Bank of Russia admits that the rate may be raised again at the next meeting. The current monetary policy is expected to decrease annual inflation to 4.5-5% in 2025 and 4% in 2026.
Bashinform reported that Bashkiria’s budget for 2024 increased by 5.5 billion rubles.
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