Deputy Chairman of the Central Bank Zabotkin allowed the first increase in the key rate since September 2022

The Central Bank (CB) allows an increase in the key rate at the next meeting of the Board of Directors on July 21, said Deputy Chairman of the Central Bank Alexei Zabotkin. In his opinion, the balance of risks is shifting towards the pro-inflationary side.

He explained that the 7.5% rate “was consistent with our understanding, including our forecast, of what is required to stabilize inflation near 4%.” “At the upcoming meeting of the Board of Directors of the Bank of Russia, they admit the possibility of raising the key rate after a significant period while it remained unchanged,” said Mr. Zabotkin (quoted from TASS).

Deputy Chairman of the Central Bank saidthat the ruble, which has weakened since the beginning of the year, while maintaining its current exchange rate, will have a significant pro-inflationary contribution during the year. In June the regulatorleft the key rate remains unchanged – at the level of 7.5% per annum. The Central Bank leaves this indicator unchanged for the sixth time since September 2022.

Details – in the publication “Kommersant” “The key rate remained the same”.

Laura Keffer