CBR Vice President Alexei Zabotkin told reporters in Vladivostok that the interest rate could be increased at the upcoming meeting of the Central Bank of Russia (CBR) board. writes about it RIA News. This may be the first time in a long time that it hadn’t changed before. The period of change is valid from September 2022.
“It is quite a long time when it remains unchanged. “Because the 7.5% rate over the time frame was in line with our understanding, including our estimate of what it would take to stabilize inflation at around 4% above our targets.” He added that so far the data confirms this. According to experts from the Central Bank of the Russian Federation, the balance of risks is gradually shifting in favor of inflation.
Zabotkin pointed to the expansion of domestic demand from both the private and public sectors. This has accelerated lending in recent months.
“Therefore, at the upcoming meeting of the Board of the Central Bank of Russia, they allow the possibility of raising the key rate while remaining unchanged after this important period,” the financier said.
In June, the regulator left the key rate unchanged at 7.5% per year.