The Bank of Russia has increased the key rate by 100 basis points to 13% per annum. This is stated in the press service of the Central Bank.
The regulator emphasizes that inflationary pressure in the Russian economy remains high. Significant pro-inflationary risks have been realized: the growth of domestic demand, outstripping the possibility of expanding output, and the weakening of the ruble in the summer months.
In these conditions, according to the regulator, it is necessary to provide additional tightening of monetary conditions to limit the scale of deviation of inflation upward from the target and its return to 4% in 2024.
