News

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

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

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

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