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Bank of Russia to consider options of key rate hike in July by 1-2 pp — deputy chief

"High economic growth rates are coupled with a high level of inflation and its reluctance to slow down, which shows that the economy bumps up against limited production capacity," Alexey Zabotkin noted

ST. PETERSBURG, July 4. /TASS/. The board of directors of the Bank of Russia will most likely consider options of the key rate hike by 1-2 percentage points to 17-18% per annum at its July meeting, the regulator’s Deputy Governor Alexey Zabotkin said.

"The possibility, reasonability of the [key rate] hike to 17% and even to 18% were discussed at the June meeting. Those options will most likely be on the table at the July meeting as well. Whether it will be necessary to extend them will depend on incoming data," he said in an interview aired by the Rossiya-24 TV news channel on the sidelines of the Financial Congress of the Bank of Russia.

"High economic growth rates are coupled with a high level of inflation and its reluctance to slow down, which shows that the economy bumps up against limited production capacity," Zabotkin noted. "Demand is growing faster than the economy boosts potential. This creates additional inflation and we have to pass through a certain period of tight monetary policy," he added.

The next meeting of the Central Bank’s board of directors devoted to the key rate is scheduled for July 26, 2024. At its meeting on June 7 the regulator kept the key rate at 16% per annum, signaling its possible hike though.

The Financial Congress of the Bank of Russia is an annual largest international financial forum in Russia, which brings together experts, representatives of Russian and foreign structures, heads of central and commercial banks, financial institutions and the business community.

Congress sessions are interactive discussions during which current issues facing the Russian and global financial systems are discussed. TASS is the general information partner of the congress.

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