MOSCOW, Aug 14The Central Bank of the Russian Federation may raise the key rate on Tuesday by 2 percentage points at once. — up to 10.5%, which will cool down demand in the economy and reduce the volume of imports, commented Sergei Grishunin, managing director of the NRA rating service.
The Bank of Russia earlier on Monday announced that it would hold an extraordinary meeting of the Board of Directors on August 15 at the key rate. Now the key rate is 8.5% per annum.
«We assume that this time the rate will be raised quite sharply — by 2 percentage points, to 10.5%. The purpose of the increase is to reduce aggregate demand, and thereby somewhat reduce the volume of imports, which can stabilize the ruble,” says Grishunin.
At its July meeting, the Bank of Russia raised its key rate by 1 percentage point at once, 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.
The next scheduled meeting is to be held on September 15.