This year the key rate could hit double digits for the first time since June 2022. It was reported on the newspaper’s website “News”.
According to Alexei Zabotkin, Deputy Governor of the Russian Central Bank, another increase in the key rate needed to stabilize inflation at the target level of 4% is highly likely to be needed. According to him, the next “upward move” could happen in early September. To prevent this from happening, it is necessary to be aware of some disinflationary risks that are not seen today.
According to Sergey Grishunin, managing director of the NRA rating service, the key ratio will rise quite sharply by two points to 10.5%. The main purpose of this is to reduce aggregate demand in order to reduce the volume of imports, which should stabilize the ruble exchange rate.
The expert assumes that the key rate could reach 12% by the end of 2023 if the increase in September does not lead to stabilization in inflation.
Prior to that, Evgeny Zhornist, portfolio manager of Alfa Capital Management Company declarationThe Central Bank of the Russian Federation may increase the policy rate by 50-100 basis points at the Board of Directors meeting on September 15.
former Central Bank increased sharply key rate to 8.5%.