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Central Bank chief says keeping rate at 15%, raising it by 100 bp were considered by board

According to Elvira Nabiullina, there were proposals on raising the key rate by 200 basis points, "though two options were considered in detail"

MOSCOW, December 15. /TASS/. The Bank of Russia considered two options at Friday’s meeting of the board of directors in detail - keeping the rate at 15% and increasing it by 100 basis points, Central Bank Governor Elvira Nabiullina said at a press conference following the meeting.

"Two options were considered in detail: keeping the rate and increasing it by 100 basis points. There were proposals on raising [the key rate] by 200 basis points, though two options were considered in detail," she said.

Earlier on Friday, the board of directors of the Bank of Russia raised its key rate from 15% to 16% per annum at this year’s last meeting, noting that the return of inflation to target in 2024 assume that tight monetary conditions will be maintained in the economy for a long period.

The next meeting on the key rate is scheduled for February 16, 2024.

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Central Bank of Russia

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