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VTB CEO expects Bank of Russia’s key rate to raise to 21% this year

Andrey Kostin noted that, in general, inflation is not catastrophic now, although it is not decreasing quickly

MOSCOW, October 16. /TASS/. The Bank of Russia's key rate may raise to 21% this year, and its gradual reduction will begin in the second half of next year, VTB CEO Andrey Kostin said on the Rossiya-24 TV channel.

"I think that the rate will increase this year. I don't know whether at this meeting or the next one, but it may reach 21%. In our opinion, it will last until the end of the year. Probably, in the first half [of 2025] there will also be a fairly tight monetary policy. But we expect that from the second half of the year it may gradually decrease, as well as inflation," he said.

VTB CEO also noted that, in general, inflation is not catastrophic now, although it is not decreasing quickly.

"Our forecast is that inflation can be around 6% next year," Kostin added.

In September, the Bank of Russia raised the key rate from 18% to 19% per annum. The regulator considered raising it to 20% as an alternative scenario. The regulator indicated the possibility of raising the rate at the next meeting of the Bank of Russia's Board of Directors on October 25, since inflationary pressure remains high.

In late September, head of the Bank of Russia Elvira Nabiullina also said that the regulator does not rule out a further increase in the key rate in October.

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