The Central Bank of Russia again increased the key rate

From July 29, 2024, the Bank of Russia raised the key rate to 18%.

The Central Bank of Russia made a decision to raise the key rate to 18% per annum from July 29, 2024 (Information of the Bank of Russia dated July 26, 2024). Previously, it was set at 16%.

The Central Bank noted that inflationary pressure has increased significantly and is higher than the Bank of Russia’s expectations. Considering this situation, additional tightening of monetary conditions is necessary to return inflation to 4% in 2025.

The Central Bank’s next meeting is scheduled for September 13, 2024.