The Central Bank of the Russian Federation has not yet achieved its goal of stabilizing the rate of price growth in Russia, and there are many reasons for another increase in the key interest rate at the board meeting on December 15, VTB First Deputy Chairman Dmitry Pyanov told reporters. He described the situation as the “unfinished battle of Waterloo”. Banker’s words transmits RBC.
Pyanov compared the Bank of Russia’s October rate meeting to this battle of Napoleon’s army. On October 27, the regulator increased this rate by 200 basis points to 15% annually; This was above the expectations of financial market participants.
“The goal of cooling the credit market has not yet been achieved, which unfortunately leaves room for further interest rate increases. “The Battle of Waterloo is not over yet, only the first attack has been carried out, there are counter-attacks from the French cavalry, so we cannot say we can rest on our laurels, inflation is certainly not defeated,” he said.
Pyanov listed five factors that suggest the regulator’s goals have not yet been achieved. These are the pace of lending in October, the situation on the labor market, expectations for wage growth next year, the planned increase in budget spending and the intention of major retail suppliers to increase prices by “double digits” next year. quarter.
The banker believes that at the meeting on December 15, the Central Bank will increase the key interest rate by 100 basis points to 16% annually or keep it at the current level of 15%.
“If I were on the board, [ЦБ]The senior manager said that in this case, they would vote to increase the rate to 16 percent.
The Central Bank started increasing interest rates on July 21. He has since been promoted four times, one of which was unplanned.
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