Key rate in Russia rises to 15%

On October 27, the Central Bank of Russia raised the key rate to 15% per annum, by 2 points at once.

"Current inflationary pressures has increased significantly and is higher than the expectations of the Bank of Russia. The steady increase in domestic demand increasingly exceeds the possibilities for the expansion of the goods and services production. Inflation expectations remain at elevated levels",

the regulator said.

Further decisions of the Central Bank will depend on the dynamics of inflation relative to the target, economic development according to forecasts and on the assessment of risks and the reaction of financial markets to them.

The last time the rate increased in September. Since July 2023, that is, in four months, the key rate has already doubled. Before this, it had remained unchanged for 10 months and amounted to 7.5%.