Bank Of Russia Increased Key Rate To 19 % Per Annum

The Bank of Russia has increased the key rate by 100 basic points, to 19 % per annum. This is stated in the press release of the Russian regulator.

“Board of Directors of the Bank of Russia on September 13, 2024 decided to increase the key rate by 100 B.P., to 19.00% per annum. The current inflationary pressure remains high. An additional tightening of monetary policy is required in order to resume the process Disinflation, reduce inflationary expectations and ensure the return of inflation to the goal in 2025.

The Bank of Russia allows the possibility of raising a key rate at the next meeting.

Meanwhile, the head of the Bank of Russia Elvira Nabiullina announced the need to continue the policy of devaluation of banking balances.

“Recently, banks have increased loans in the yuan. The companies preferred to take loans in currency, realizing that ruble loans are quite high. This process has already been stopped, recently we are watching this. But further devaluation of banks balance is very important And if necessary, we will use the tools of macroprudentic allowances on foreign exchange loans, ”she said.