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The central bank raised the key rate for the sixth time in a row

The central bank raised the key rate for the sixth time in a row
Photo: pixabay.com

The Central Bank Board of Directors raised the key rate for the sixth time in a row. Today its size is 7,5%. The increase since September amounted to 75 bp.

According to the regulator, inflation for the year is expected to be in the range of 7,4-7,9%, which is significantly higher than the forecast. Inflation in 2022 will decrease to 4,0–4,5% and will remain close to 4% in the future. The central bank announced a possible further increase in the key rate. The next meeting on this issue will take place on December 17th.

In March, the Bank of Russia began a cycle of systematic increase in the key rate to normalize monetary policy. Until March, the key rate was at a historic low of 4,25%. For the first time since 2018 The Central Bank raised the rate.

 

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