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Bank of Russia does not rule out possibility of raising key rate in September

The regulator’s Deputy Chairman Alexey Zabotkin noted that proinflationary risks continued to be significant

MOSCOW, September 5. /TASS/. Due to rising pro-inflationary risks, the Bank of Russia may increase the key rate at its upcoming Board of Directors meeting in September, according to the regulator’s Deputy Chairman Alexey Zabotkin.

"Proinflationary risks continue to be significant. We will revise our forecast, and an updated forecast will be published following the meeting on September 15, on which the decision will be based. We are not ruling out the possibility of raising the key rate," he said.

Governor of the Bank of Russia Elvira Nabiullina said earlier that the Bank of Russia does not rule out hiking the key rate at the September Board of Directors meeting. "At the Bank of Russia's Board of Directors meeting on August 15, we gave a neutral signal. In essence, it means both the possibility of keeping the rate unchanged and the possibility of hiking it in order to meet our 4% inflation target in 2024," she explained.

Nabiullina noted that lowering the key rate would be possible if price inflation slows down steadily.

The Bank of Russia earlier decided to raise the key rate to 12% from 8.5% per annum at an extraordinary meeting of the Board of Directors. "The Bank of Russia Board of Directors decided to increase the key rate by 350 basis points to 12% per annum from 15 August 2023. The decision is aimed at limiting price stability risks,"the statement 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. According to the Bank of Russia’s forecast, given the monetary policy stance, annual inflation will return to 4% in 2024," the regulator added.

The Bank of Russia noted, "Hereinafter, with current price growth rates staying at the attained levels the risk of inflation’s deviation upwards from the target in 2024 is substantial. 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 next meeting of the Bank of Russia's Board of Directors on the key rate level, is scheduled for September 15, 2023.

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