Bank of Russia leaves key rate unchanged once again

The Bank of Russia has decided to keep the key rate at 16% per annum again.

"On April 26, 2024, the Bank of Russia Board of Directors decided to keep the key rate at 16% per annum," the statement reads.

The return of inflation to target and its further stabilization close to 4% assume that tight monetary conditions will be maintained in the economy for a longer period than previously forecast.

The Russian central bank kept the key interest rate unchanged in February and March as well.

The next meeting of Russia's Central Bank Board of Directors on the key rate will be held on June 7.