Bank of Russia increases key rate by 100 bp to 13.00% p.a.

The Bank of Russia Board of Directors decided to increase the key rate by 100 basis points to 13.00% per annum. Inflationary pressure in the Russian economy remains high. Significant proinflationary risks have crystallised, namely the domestic demand growth outpacing the output expansion capacity and the depreciation of the ruble in the summer months. Therefore, it is required to additionally tighten monetary conditions to limit the upward deviation of inflation from the target and return it to 4% in 2024. The return of inflation to the target and its further stabilisation close to 4% also implies that tight monetary conditions will be maintained in the economy for a long period.

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