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Bank of Russia likely to raise key rate at next meeting — VEB.RF chief economist

Andrey Klepach linked the decision to the rate fluctuations and inflation acceleration risks

YEKATERINBURG, July 11. /TASS/. The board of directors of the Bank of Russia will most likely raise the key rate at its next meeting, VEB.RF Chief Economist Andrey Klepach told TASS on Tuesday.

"I think that unfortunately [the key rate] will be raised, yes, considering the rate fluctuations and inflation acceleration risks. This is the way to respond to it," he said on the sidelines of the Innoprom-2023 international industrial trade fair in Yekaterinburg.

Russia’s Central Bank has maintained its key rate at 7.5% since September 2022. The next meeting of the regulator’s board meeting will be held on July 21, 2023.

The Innoprom trade fair has been held annually in Yekaterinburg since 2010. This year’s event runs from July 10 to 13. Its main theme is "Sustainable Production: Strategies for Renewal." The 7th Russia-China Expo, focused on relevant areas of cooperation between the two countries, is also being held at the trade fair platform. Belarus is the partner country.

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Central Bank of Russia

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