Central Bank of Russia to Raise Key Rate to Arrest Inflation


Russia’s central bank will be ready to raise the key interest rate again if there are no signs that inflation is slowing down, the bank’s Deputy Governor Olga Polyakova said Wednesday.

“During recent meetings, we raised the key rate by tangible steps, and over the past period we raised the rate by 7.5 percentage points to 15 percent per annum,” she said, according to TASS.

“If necessary, we will be ready to do this again if we do not see signs of a sustainable slowdown in inflation and a cooling of inflation expectations,” Polyakova added.

Russia last raised the key interest rate by 2 percentage points to 15 percent at the end of October amid mounting inflationary pressure. Back then, the bank also raised its inflation forecast for 2023 to 7 percent to 7.5 percent from the previous 6 percent to 7 percent, and adjusted the forecast for 2024 to 4 percent to 4.5 percent.

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