Central Bank of Russia again raised the key rate

On October 27, 2023, the Central Bank of Russia decided to increase the key rate to 15.00% per annum. Previously, it was set at 13%. According to the Bank of Russia, current inflationary pressures have increased significantly, which contributed to the adoption of such a decision. The steady increase in domestic demand increasingly exceeds the possibilities for expanding the production of goods and services. Inflation expectations remain at elevated levels. Lending growth rates remain high.

In the future, the Bank of Russia will plan its decisions on the key rate based on the actual and expected inflation, development of the economy, and reaction of financial markets.

The new rate will start on October 30, 2023.

The next meeting at which the issue of the level of the key rate will be considered is scheduled for December 15, 2023