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Central Bank Governor says key rate to be raised at next meetings if inflation accelerates

The revised outlook on the key rate stands at 7.3-8.2% for 2023 and 6.5-7.5% for 2024, according to Elvira Nabiullina

Russian Central Bank Chief Elvira Nabiullina Artem Kudryavtsev/Russian Central Bank Press Office via AP

Russian Central Bank Chief Elvira Nabiullina

© Artem Kudryavtsev/Russian Central Bank Press Office via AP

MOSCOW, May 11. /TASS/. The Bank of Russia may consider an increase in the key rate at its next board meetings if it notices signs of accelerating price pressure that threatens reaching the targeted inflation of 4%, according to the regulator’s Governor Elvira Nabiullina.

"This year we expect economic recovery to continue. It may be coupled with accelerating inflation pressure, which will largely depend on demand factors. If we notice signs of such inflation acceleration that will threaten reaching the 4% target in 2024, we will need to raise the key rate at the earliest meetings," she was quoted as saying in the report on the Central Bank’s monetary policy released on Thursday.

The revised outlook on the key rate stands at 7.3-8.2% for 2023 and 6.5-7.5% for 2024, according to the regulator’s chief.

"Those ranges permit various decisions. Our current vision suggests a gradual increase in inflation pressure by the end of the year. At the next meetings we will continue estimating the reasonability to increase the key rate for ensuring stabilization of inflation at the target close to 4% in 2024 and so on," she explained.

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Central Bank of Russia

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