On September 13, the Central Bank of Russia raised the key rate by 1% to 19% per annum.
The regulator’s press service reported this, as reported by TUT.NOVOSTI .
Statement by the Central Bank of the Russian Federation on raising the key rate
The Central Bank of Russia noted that inflationary pressure remains high.
By the end of this year, annual inflation will likely exceed the July forecast range of 6.5-7.0%.
The growth of domestic demand for goods and services continues to significantly outpace the ability to expand supply.
The Central Bank believes that it is necessary to further tighten monetary policy to reduce inflation expectations, resume disinflation and return inflation to the target next year.
The Bank of Russia allows for the possibility of raising the key rate at the next meeting, the regulator said in a statement.
Taking into account the current monetary policy, the Central Bank predicts a decrease in annual inflation to 4-4.5% next year. In the future, annual inflation, according to the Central Bank's forecast, will be close to 4%.
