Russian Central Bank may increase key rate in October

The Bank of Russia may increase its key rate at the meeting of the board of directors in October, the regulator’s Deputy Governor Alexey Zabotkin said.

"We admit the possibility of an increase in the rate at the next meeting," Zabotkin said.

The Central Bank raised its key rate from 18% to 19% per annum in September. The regulator considered an increase in the rate to 20% as an alternative scenario. It also noted the possibility of raising the rate at the next meeting of the board of directors on October 25 as the inflation pressure remained high.