Central Bank of Russian Federation increased key rate to 13% per annum

The Bank of Russia has increased the key rate by 100 basic points, to 13 percent per annum, follows from the regulator.

“Inflationary pressure in the Russian economy remains high. Significant indestation risks have been implemented: an increase in internal demand, ahead of the possibilities of expanding the release, and weakening of the ruble in the summer months. Under these conditions, it is necessary to ensure additional tightening of monetary conditions to limit the scale of the upbringing of inflation upwards From the goal and its return to 4% in 2024. The return of inflation to the goal and its further stabilization near 4% also assume a long period of maintaining strict monetary conditions in the economy, ”the regulator said.

The Bank of Russia will evaluate the feasibility of further raising the key rate at the next meetings.