Elvira Nabiullina.
The head of the Central Bank of the Russian Federation, Elvira Nabiullina, said at a press conference that the regulator raised the key rate at a noticeable pace at recent meetings and would be ready to do so again.
She explained that the key rate could be raised again if the Bank of Russia does not see signs of a “sustained slowdown in inflation and cooling of inflation expectations.”
Nabiullina assured that the regulator has all the necessary arsenal of tools to bring back inflation to the target of 4%.
The Chairman of the Central Bank made it clear that the period of maintaining high rates could be long, as inflation has been steadily deviating from the target since 2021.
Today it was reported that that the Board of Directors of the Bank of Russia at a meeting decided to increase the key rate from 13% to 15% per annum. After this, the dollar exchange rate on the Moscow Exchange dropped to 92.67 rubles, and the euro fell to 97.88 rubles for the first time since July 5.