Board of Directors of the Bank of Russia on March 21 decided to maintain a key rate at the level of 21 % per annum. This is stated in the regulator’s message.
“The current inflationary pressure has decreased, but it remains high, especially in a stable part. The growth of domestic demand is still significantly ahead of the possibility of expanding the supply of goods and services. At the same time, the growth of lending remains restrained, and the savings activity of the population is high. According to the Bank of Russia, the reached the stiffness of the monetary conditions forms the necessary pre-prerequisites for the return of inflation to the goal in 2026 year “, -examines from the message.
At the same time, the regulator noted that the Bank of Russia will continue to analyze the speed and stability of reducing inflation and inflation expectations, and if the dynamics of disinflation does not ensure the achievement of the goal, the Central Bank will consider the issue of increasing the key rate.
according to the forecast of the Bank of Russia, taking into account the conducted monetary policy, annual inflation will decrease to 7.0-8.0% in 2025, will return to 4.0% in 2026 and will be on targets in the future.
October 25, 2024, the Bank of Russia increased the key rate by 200 basic points, to a record level – 21% per annum.