MOSCOW, September 15. /TASS/. The Bank of Russia has revised its outlook on the average key rate as it expects it at 9.6-9.7% per annum in 2023 instead of 7.9%-8.3% per annum, according to the regulator’s mid-term forecast.

Considering the fact that the average key rate totaled 8.2% from January 1 to September 17, 2023, it is projected at 13-13.6% from September 18 until the end of this year, according to the regulator.

The key rate is expected at 11.5-12.5% in 2024 (up from previously expected 8.5-9.5%), according to the Central Bank’s forecast. In 2025, the regulator projects the key rate at 7-8% (up from 6.5%-8.5% previously), while the forecast for 2026 has not changed and equals 5.5-6.5%.

The Bank of Russia decided to raise the key rate by 100 basis points to 13% per annum at its board meeting earlier on Friday, saying that the key rate decision made would speed up the formation of monetary conditions needed to ensure balanced growth in lending and sustainable disinflationary trends in the economy.