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Ruble strengthens after Bank of Russia raises key rate to 8.5%

After the Bank of Russia published its report, the dollar was at around 90.15 rubles (-0.09%), the euro traded at 100.34 rubles (-0.16%)

MOSCOW, July 21. /TASS/. The ruble strengthened on the Moscow Exchange on Friday following the decision of the Bank of Russia to raise the key rate to the level of 8.5% per annum.

Before the regulator published its decision, the dollar decreased by 0.13% to 90.11 rubles, the euro - by 0.23% to 100.28 rubles. The yuan was at the level of 12.542 rubles (-0.26%). After the Bank of Russia published its report, the dollar was at around 90.15 rubles (-0.09%), the euro traded at 100.34 rubles (-0.16%), and the yuan reached 12.55 rubles (-0.21%).

Earlier on Friday, the Bank of Russia has sharply increased its key rate after a long pause -by 1 percentage point to 8.5% per annum, noting reinforced inflationary pressure in the economy. "On 21 July 2023, the Bank of Russia Board of Directors decided to increase the key rate by 100 basis points to 8.50% per annum. Current price growth rates, including a variety of underlying indicators, have exceeded 4% in annualized terms and are still on the rise. The increase in the domestic demand surpasses the capacity to expand production, including due to the limited availability of labor resources. This reinforces persistent inflationary pressure in the economy," the regulator said.

The Bank of Russia added that it holds open the prospect of further key rate increase at its next meetings to stabilize inflation close to 4% in 2024 and further on.

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Central Bank of Russia

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