Chairman of the Central Bank of the Russian Federation Elvira Nabiullina commented on During a press conference on December 15, the key rate was increased by 1%, from 15% to 16%, and announced plans to end the cycle of tightening monetary policy.
“If we rely on our basic forecast, then we are really close to completing the cycle of raising the key rate,” she emphasized. However, the regulator will make a decision based on real inflation indicators next year.
The regulator’s actions this time were expected by the market, in contrast to a similar step at the last meeting of the Board of Directors of the Central Bank of the Russian Federation.
“We discussed two options for a decision on raising the key rate by 1%, by 1.5%,” said Nabiullina.
We recall that in September the head of the Bank of Russia stated that the average level of the key rate until the end of 2023 will be within the range of 13%-13.6%.
The regulator’s decision to keep the rate at a high level is often criticized by other representatives of the Russian government. Thus, on November 9, deputy Nikolai Arefiev, after the speech of the head of the Central Bank of the Russian Federation in the State Duma, said that he “has the impression that in three years our economy will be destroyed, because it is placed in such conditions that it is simply impossible for it to survive.” But Nabiullina responded that the main problem of the Russian economy is not expensive credit, but a lack of personnel.