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Bank of Russia eyes signal on tough monetary conditions justified

Monetary conditions have not yet fully adapted to previous increases of the key rate, the regulator informed

MOSCOW, April 1. /TASS/. The Bank of Russia considered justified to keep the signal of the need of maintaining rigid monetary conditions in the economy for a long time at the meeting on March 22, according to the executive summary of the Bank of Russia on key rate discussions.

"In conclusion of the discussion held, the Board of Directors of the Bank of Russia made the decision on March 22, 2024 to set the rate at the level of 16% per annum from March 25, 2024. The Board of Directors of the Bank of Russia also considered justified to keep the signal on the need for a lengthy period of maintaining rigid monetary conditions in the economy without a further signal on the possible subsequent steps of key rate changes at coming meetings," the document reads.

In the opinion of the regulator, monetary conditions have not yet fully adapted to previous increases of the key rate, the Central Bank informed. "Monetary conditions will be toughened in particular on account of growth of actual interest rates, considering the decline in inflation expectations of households and the business from the year start. Keeping the key rate level will enable supporting required toughness of monetary conditions to return inflation to the target in 2024," the regulator added.

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