Date: 7 days ago   Category: Finance

The Central Bank for the first time since December, 2014 has raised a key interest rate — Rambler News Service


The Central Bank for the first time since December, 2014 has raised a key interest rate
Photo: Natalya of Seliverstov/RIA Novosti the Board of directors of the Bank of Russia has raised a key interest rate on 0,25 items — to 7,5%, is reported on the regulator website. Last time the rate raised on December 16, 2014 when the indicator has grown by 6,5 items at once — up to 17%. "The change of external conditions which has happened from the previous meeting of the Board of Directors has significantly enhanced pro-inflationary risks. The Bank of Russia predicts annual inflation in the range of 5–5,5% following the results of 2019 with return to 4% in 2020. This forecast considers the made decisions on a key interest rate and on suspension of purchase of foreign currency in domestic market within the budgetary rule" — notes the regulator. The Bank of Russia notes that it will estimate expediency of further increase in a key interest rate, in view of dynamics of inflation and economy concerning the forecast. Besides, the regulator will consider risks from external conditions and reaction to them of the financial markets. Earlier, on July 27, the Bank of Russia has kept a key interest rate at the level of 7,25% per annum. On June 15 the Central Bank has also kept a key interest rate at the level of 7,25%. The head of the Central Bank Elvira Nabiullina in June has said that the regulator doesn't exclude a possibility of her increase if there is a combination of factors which will lead to sharp strengthening of pro-inflationary risks. At the beginning of September Nabyullina has said that the Bank of Russia fixes emergence of several factors in favor of possible increase in a key interest rate, however the decision on a rate will be made by the board of directors of the Central Bank. Existence of prerequisites for increase in a key interest rate of the Central Bank was declared also by the head of the Audit Chamber Alexey Kudrin on the sidelines of the Moscow financial forum.

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