Nabiullina allowed the key rate increase
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The Chairman of the Bank of Russia, Elvira Nabiullina, allowed the key rate to be increased, while, according to her, the regulator is still analyzing whether the increase will be “one-time” or “there will be a whole cycle.”
“We see that pro-inflationary risks prevail over disinflationary ones and they even increase. Of course, we admit the possibility of raising the rate, it will be one-time, there will be a whole cycle – it will depend on the development of the situation, which we will analyze,” the head of the Central Bank said.
She also added that pro-inflationary risks have increased since the June meeting, including against the backdrop of the dynamics of the ruble exchange rate. At the beginning of last week, the ruble began to fall in price – on Monday, June 26, the dollar rose above 87 rubles, the euro – above 95 rubles, and already on July 6, the dollar exceeded 92 rubles, while the euro reached 100 rubles.
On June 9, the Board of Directors of the Central Bank left the key rate at 7.5% per annum for the sixth time in a row since September 2022.
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