The fact that the Bank of Russia raised the key rate from 8.5% to 12% is an objective reflection of the situation in the financial market. In an interview with the “Parliamentary newspaper” about this declaration Ivan Abramov, First Deputy Chairman of the Federation Council Economic Policy Committee. According to him, in addition to the negative impact associated with the rise in consumer prices for goods linked to payments in foreign currency, such a step could have positive implications for the Russian economy, especially for the development of domestic production.
“Why is the commodity balance deteriorating in our country? Because after the withdrawal of Western companies from the Russian market, everyone rushed to replace one foreign supplier, for example, Chinese manufacturers for another. It is easier than opening our own production facilities in Russia and starting the business that we are most interested in today,” Abramov said.
He reminded that with the increase in the key interest rate of the Central Bank, interest rates will increase not only in loans but also in deposits. At the same time, according to him, many citizens who invest in deposits will not transfer money to foreign currency.
After immediately raising the key rate by 350 basis points, 12% per annum, at the extraordinary meeting of the Board of Directors of the Central Bank, VTB and Post Bank decided to raise rates about savings products. At the same time, the rate for savings accounts will be increased to 12% for new customers and customers opening savings accounts for the first time.
Formerly an economist announcedwhich categories of citizens will be affected by the increase in the key rate.