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Central Bank raised its key rate to 6,5% due to economic recovery
The Central Bank today raised the key rate to 6,5%, this is due to the recovery of the Russian economy. The increase amounted to 100 basis points at once.
This is reported on Online regulator. The Central Bank said that in the second quarter the Russian economy reached pre-pandemic levels. The Central Bank speaks of a steady growth in consumer and investment demand. The consumer activity of the population has already exceeded the level before the start of the coronavirus pandemic, even despite the restrictive measures.
According to forecasts of the Bank of Russia, the annual inflation in the baseline scenario will be from 5,7 to 6,2% at the end of the year. The hike in the key rate will halt the rise in inflation and delay it by 4%.