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MOSCOW, Aug 11 The Bank of Russia still allows a further increase in the key rate at the next meetings, Deputy Chairman of the regulator Alexei Zabotkin said during a press conference.
The Bank of Russia at a meeting on July 21 raised the key rate immediately by 1 percentage point — up to 8.5% per annum. At the same time, the Central Bank slightly changed the key rate signal, noting that it still allows its further increase at the next meetings, but without stipulating that this will occur in the face of a gradual increase in current inflationary pressure.
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“To ensure inflation returns to the target in 2024, we decided to raise the key rate to 8.5% per annum in July and allow its increase at the next meetings,” Zabotkin said.
Deputy Chairman of the Central Bank recalled that the average annual forecast of the key rate in 2023 is 7.9-8.3% per annum, and from July 24 until the end of the year, the average key rate is projected in the range of 8.5-9.3% per annum .