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Bank of Russia’s key rate must be reduced as soon as possible — official

The decision of the Bank of Russia's Board of Directors to raise the key rate from 13% to 15% per annum sends a negative signal to the market in terms of lending activity, Chairman of the State Duma Committee on the Financial Market Anatoly Aksakov said

MOSCOW, October 27. /TASS/. Returning to lowering the key rate of the Bank of Russia should be dome as soon as possible - the current rate of 15% per annum sends a negative signal to the market in terms of lending activity, Chairman of the State Duma Committee on the Financial Market Anatoly Aksakov said on Friday.

"The decision of the Bank of Russia's Board of Directors to raise the key rate from 13% to 15% per annum sends a negative signal to the market in terms of lending activity. Perhaps the regulator would like to consolidate the situation in the foreign exchange market, as well as strengthen the containment of inflationary pressure," he said.

He noted that, in addition to monetary policy measures, the ruble's strengthening was aided by the presidential decree mandating the sale of foreign currency earnings by exporters and the start of the tax period, during which companies convert a portion of their foreign currency earnings.

The Bank of Russia earlier raised the key rate by 2 percentage points (pp) to 15% per annum, indicating a significant increase in current inflation pressure. "On 27 October 2023, the Bank of Russia Board of Directors decided to increase the key rate by 200 basis points to 15.00% per annum. Current inflationary pressures have significantly increased to a level above the Bank of Russia’s expectations. Steadily rising domestic demand is increasingly exceeding the capabilities to expand the production of goods and the provision of services. Inflation expectations remain elevated," the regulator said.

The regulator also raised its inflation forecast for 2023 to 7-7.5% from 6-7% and adjusted it for 2024, expecting inflation in the range of 4-4.5%. "In its further key rate decision-making, the Bank of Russia will take into account actual and expected inflation dynamics relative to the target and economic developments over the forecast horizon, as well as the risks posed by domestic and external conditions and the reaction of financial markets. According to the updated forecast of the Bank of Russia, annual inflation will range from 7.0 to 7.5% in 2023. Given the current monetary policy stance, annual inflation will decline to 4-4.5% in 2024 and stay close to 4% further on," the statement said.

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