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The central bank left the key rate unchanged
The Central Bank left the key rate unchanged at 4,25% per annum. Inflation is developing in accordance with the forecast and is expected to be 3,9-4,2% by the end of the year.
According to the press service of the Central Bank, due to the worsening epidemiological situation in the world and in Russia, the situation in the external financial and commodity markets remains unstable. If the situation develops in accordance with the baseline forecast, the Bank of Russia will assess the feasibility of further cuts in the key rate in the near future.
Indicators of economic activity indicate a slowdown in the recovery of the Russian economy. At the same time, the Bank of Russia as a whole estimates the contraction of the economy in smaller volumes than it was assumed in the July forecast. This was influenced by a less significant decline in exports.
Last time the Board of Directors of the Central Bank also decided to keep key rate at the same level - 4,25% per annum. When the country's economy develops according to the baseline scenario, the regulator will assess the feasibility of further reducing the key rate.
At a meeting on July 24, the Central Bank cut the key rate by 0,25 percentage points - to 4,25%. it historical minimum... This is the third decline in the period of the pandemic. In February, the Bank of Russia once again lowered its key rate sixth time in a row - from 6,25% to 6%. The regulator warned that at the next meetings it could lower it even lower. The key rate changed five times last year.