Deputy Chairman of the Central Bank Zabotkin did not rule out an increase in the key rate in September

The Central Bank at a meeting of the Board of Directors on September 15 may raise the key rate due to pro-inflationary risks. This was announced by the deputy chairman of the regulator Alexei Zabotkin.

“Proinflationary risks remain significant. We will be updating our forecast and an updated forecast will be published following the meeting on September 15, the decision will be based on this forecast. We do not rule out the possibility of raising the key rate,” said Alexei Zabotkin at the Digital Finance: New Economic Reality forum.

Earlier today, Anatoly Aksakov, head of the Financial Market Committee of the State Duma declaredthat the Central Bank may raise the key rate again if the dollar approaches 100 rubles. He called such a scenario unlikely. The head of the Central Bank, Elvira Nabiullina, too allowed increase in the rate, but at the same time did not deny the possibility of maintaining it at the level of 12% per annum.

According to Alexei Zabotkin, the current inflation data is such that the figure will be closer to the upper limit of the forecast for this year of 5-6.5%. He added that the increased volume of imports, the demand for which is supported by the expansion of lending and domestic demand, continues to influence the ruble. At the same time, GDP, according to him, is also currently moving closer to the upper limit of the forecast of 1.5-2.5%.

On August 15, the Board of Directors of the Central Bank raised the key rate from 8.5% to 12%. The regulator explained this by the need to limit the risks to price stability. After that, the dollar fell to 95 rubles/$.

Read more about the forecasts before the September meeting of the Central Bank – in the material “Maybe More”.

Anastasia Larina