Nabiullina allowed both an increase and preservation of the key rate
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The head of the Central Bank, Elvira Nabiullina, when asked about the possibility of raising the key rate, said that this would depend on the situation in the economy and the effect of decisions already taken by the regulator. According to her, the current forecast implies both maintenance and increase.
“Everything will depend on how the situation develops. Lots of uncertainty. We will look at the effect that decisions already made have on inflation; budget policy is becoming more definite for us,” Ms. Nabiullina said at the XX International Banking Forum (quoted from “RIA News”).
As soon as inflation stabilizes closer to the set target, Elvira Nabiullina explained, the Central Bank will be able to lower the rate to the so-called neutral range (5.5–6.5%). According to her, this figure will be achieved by 2026.
September 15 Central Bank He has made a decision raise the key rate from 12% to 13%, explaining this decision by high pro-inflationary risks. In addition, the inflation forecast was raised to 6–7% by the end of 2023. The last time the regulator raised the key rate a month before: from 8.5% to 12% at a meeting on August 15.
The next meeting of the Board of Directors of the Bank of Russia on the key rate will be held on October 27.
How the Bank of Russia recalculated macro scenarios after increasing the key rate – in the Kommersant publication “And fifteen on the shoulder”.
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