The Bank of Russia may raise the key rate in July
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The key rate of the Bank of Russia has been holding at 7.5% since last September, but the CBR’s hawkish signal has become even tougher. If, following the April decision, the Bank of Russia announced that it would “evaluate the feasibility” of raising the key rate in the future, then on June 9 the rhetoric became tougher, and now the regulator “allows” such a possibility at the next meetings. The next, basic, meeting will be held on July 21.
The step of the increase will depend on the extent to which the data received by the Central Bank will influence the assessment of the balance of risks to achieve inflation of 4% in 2024, said Central Bank Chairman Elvira Nabiullina at a traditional press conference.
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