The Governor of the Central Bank of Russia, Elvira Nabiullina, said at a press conference that the Central Bank of the Russian Federation has effective tools to reduce inflation and is ready to raise interest rates with “concrete steps” to return the interest rate to target 4. %. This was reported by a socialbites.ca correspondent.
“We have increased interest rates in concrete steps in recent meetings and will be ready to do so again unless we see signs of a sustained slowdown in inflation and cooling of inflation expectations,” he said.
The head of the Central Bank emphasized that the Bank of Russia has effective tools to reduce inflation to the target.
According to him, the current course of the interest rate will allow inflation to return to target by the end of next year and stabilize at 4% in the future.
While the Central Bank of Russia increased its 2023 inflation forecast from 6-7 percent to 7-7.5 percent, it also determined the 2024 inflation forecast range as 4-4.5 percent instead of the previously expected 4 percent.
At the board of directors meeting held on Friday, October 27, the Central Bank increased the interest rate from 13 percent to 15 percent annually for the fourth time in the last four months. For more information about what the Central Bank’s decision is about and how it will affect the lives of Russians, see. material “Newspapers.Ru”.
Previously at the Central Bank of the Russian Federation stated To overcome the peak of inflation in the country.