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Russia’s Central Bank keeps key rate at 11%

The ruble has accelerated growth after the decision

Russia’s Central Bank Pavel Smertin/TASS

Russia’s Central Bank

© Pavel Smertin/TASS

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Ruble close to fundamental values — Economic Development Minister

MOSCOW, October 30. / TASS /. The Board of Directors of Russia’s Central Bank for the second time in a row decided to keep its key rate at 11%, the bank said in its press release on Friday.

The bank decided not to change the key rate taking into consideration significant inflationary risks, which still remain. The bank stated that no significant change in the balance of inflationary risks and risks of the cooling of the economy happened.

The regulator's decision coincided with the expectations of most analysts interviewed by TASS.

Nine 9 out of 15 experts (60%) said that the rate would be kept unchanged amid the uncertain economic situation. Inflation and inflation expectations remain high, the weekly inflation accelerated to 0.2% in October. Despite the appreciation in the beginning of October, the ruble is now falling again due to the end of the tax period and sales of export revenues.

The external conditions also contribute more to keeping the key rate unchanged: on Wednesday the US Federal Reserve System gave a clear signal that it will raise its rate in mid-December. This may create an extra pressure on the ruble.

The Board of Directors of Russia’s Central Bank will hold its last meeting this year on December 11. It will be followed by the briefing of the Central Bank head Elvira Nabiullina and the publication of the report on monetary policy.

The ruble has accelerated growth after the decision.

"As inflation slows down in line with the forecast the Central Bank will resume cutting the key rate at one of its next meetings of the board of directors," the bank said.

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