https://sputnikglobe.com/20230815/bank-of-russia-raises-key-rate-from-85-to-12-per-annum-1112604328.html
Bank of Russia Raises Key Rate From 8.5% to 12% Per Annum
Bank of Russia Raises Key Rate From 8.5% to 12% Per Annum
Sputnik International
The Bank of Russia said on Tuesday it raised the key rate 12% from 8.5% per annum to limit price stability risks.
2023-08-15T09:14+0000
2023-08-15T09:14+0000
2023-08-15T09:14+0000
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"The Bank of Russia Board of Directors decided to increase the key rate by 350 basis points to 12.00% per annum from 15 August 2023. The decision is aimed at limiting price stability risks," the central bank said in a statement. The statement said that annual inflation in Russia increased to 4.4% as of August 7 as price growth continued to accelerate. The document also said that the bank's decision is aimed at shaping monetary conditions and "overall domestic demand dynamics necessary to bring inflation back to 4% in 2024 and stabilise it close to 4% further on." "According to the Bank of Russia's forecast, given the monetary policy stance, annual inflation will return to 4% in 2024," the bank added.
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russia's economy, russian economy, sanctions against russia, russia's economic growth, bank of russia, key rate
Bank of Russia Raises Key Rate From 8.5% to 12% Per Annum
MOSCOW (Sputnik) - The Bank of Russia said on Tuesday it raised the key rate 12% from 8.5% per annum to limit price stability risks.
"The Bank of Russia Board of Directors decided to increase the key rate by 350 basis points to 12.00% per annum from 15 August 2023. The decision is aimed at limiting price stability risks," the central bank said in a statement.
The statement said that annual inflation in Russia increased to 4.4% as of August 7 as price growth continued to accelerate.
"Inflationary pressure is building up. As of 7 August, the annual rate of inflation rose to 4.4% while current price growth rates continue to increase. Over the last three months current price growth amounted to 7.6% on average in annualised terms on a seasonally adjusted basis. The same core inflation measure went up to 7.1%," the bank stated.
The document also said that the bank's decision is aimed at shaping
monetary conditions and "overall domestic demand dynamics necessary to bring inflation back to 4% in 2024 and stabilise it close to 4% further on."
"According to the Bank of Russia's forecast, given the monetary policy stance, annual inflation will return to 4% in 2024," the bank added.
