Everything about further increases will depend on how the situation develops in financial markets. This was stated at the press breakfast by Rustem Mardanov, a member of the Board of Directors of the Bank of Russia, according to the correspondent of socialbites.ca.
Mardanov reminded that the last interest rate increase to 16 percent took place in December 2023. But a sufficient increase in rates has not yet occurred everywhere; It continues to increase periodically in some credit institutions.
“We will not ignore the dynamics involved. As for further increases, everything will depend on how the situation will develop in the financial markets, primarily in terms of price markets,” said a member of the Board of Directors of the Central Bank.
According to him, if inflation does not start to fall, the Central Bank of Russia may continue to increase interest rates. As a result, deposit interest rates will also increase.
However, if stable inflation begins to decline and falls to 4-4.5 percent by the end of the year, as we predict, then we can also expect a decrease in key interest and deposit rates. This is our basic forecast,” added Mardanov.
He noted that there was a slight decrease in inflation in December compared to November. However, it is not yet known whether this trend will be sustainable.
In general, the Central Bank’s basic forecast is that inflation will start to decline. The regulator will monitor this closely.
Before that the Central Bank to create Justifications for the extension of the compulsory sale of foreign exchange earnings.
previously economist It has been recommended Russians should not keep their savings in dollars.