From December 18, 2023, the Bank of Russia increased the key rate to 16%

The Board of Directors of the Bank of Russia, effective December 18, 2023, decided to increase the key rate to 16% per annum (Information from the Bank of Russia dated December 15, 2023). Previously, the rate was set at 15%.
The Central Bank of Russia notes that inflation pressure has increased significantly. The goal is to return inflation to 4% in 2024.

The next meeting, at which the key rate level will be considered, is scheduled for February 16, 2024.

Changes in the key rate must be taken into account when calculating:
  • compensation for late payment of salary to employees;
  • penalties for failure to pay taxes and insurance contributions on time;
  • interest on the loan agreement or failure to fulfill obligations under the contracts set by the Civil Law.