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Peak effect of key rate increases expected in Q2 2024 — Bank of Russia

Earlier on Friday, the Bank of Russia once again decided to maintain the key rate at 16% per annum at its second meeting in 2024

MOSCOW, March 22. /TASS/. The peak effect of key rate increases will happen in the Q2 of 2024, Governor of the Bank of Russia Elvira Nabiullina said at a press conference.

"For the full implementation of the effects of monetary policy, monetary policy decisions, the transmission mechanism, as we say, takes three quarters - maybe up to a year and a half. We expect that the peak will come from the key rate increases last year, in the second quarter of this year," Nabiullina said.

Earlier on Friday, the Bank of Russia once again decided to maintain the key rate at 16% per annum at its second meeting in 2024. "On 22 March 2024, the Bank of Russia Board of Directors decided to keep the key rate at 16.00% per annum. Current inflationary pressures are gradually easing but remain high. Domestic demand is still outstripping the capabilities to expand the production of goods and services. Labor market tightness has increased again. For the moment, it is premature to judge the pace of future disinflationary trends. The Bank of Russia’s monetary policy is set to solidify disinflation processes unfolding in the national economy," the statement said.

The Bank of Russia Board of Directors will hold its next key rate review meeting on April 26, 2024.

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