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Bank of Russia does not rule out additional increase in key rate — regulator

It is highlighted that if there are stronger pro-inflationary risks, an additional increase in the key rate is possible

MOSCOW, August 15. /TASS/. The Bank of Russia does not rule out an additional increase in the key rate in case of stronger pro-inflationary risks, the press service of the regulator said.

"Moving forward, in its key rate decision-making the Bank of Russia will take into account actual and expected inflation dynamics relative to the target and economic transformation processes, as well as the risks posed by domestic and external conditions and the reaction of financial markets," the regulator said.

If there are stronger pro-inflationary risks, an additional increase in the key rate is possible, the regulator added.

The Bank of Russia noted that the increase in the key rate to 12% per annum is aimed at bringing inflation back to the target of 4% in 2024.

"The Bank of Russia’s decision is aimed at shaping monetary conditions and overall domestic demand dynamics necessary to bring inflation back to 4% in 2024 and stabilize it close to 4% further on," the regulator said.

Earlier today, the Bank of Russia at an extraordinary meeting of its Board of Directors decided to raise the key rate to 12% from 8.5% per annum.

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Central Bank of Russia

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