Financial analysts do not rule out an increase in the key rate to 20% before the end of 2024.
The Russian Central Bank increased the key rate from 16 to 18% per annum. The reason is significant inflationary pressure. It was reported by Radio Liberty.
It was noted that such a decision of the Central Bank was expected: in June, the head of the Bank of Russia, Elvira Nabiullina, admitted the possibility of a significant increase in the main rate, “if the persistent inflationary pressure does not begin to decrease . ”
Deputy Chairman of the Central Bank Alexei Zabotkin reported a few weeks before the meeting that the board of directors will consider options for raising the rate to 17% or even 18%.
In addition, the economic data also indicated the inevitable rate hike. The level of inflation is significantly higher than the forecast of the Bank of Russia by 4%. So, according to central bank analysts, at the end of June inflation reached 8.6%. In July, population inflation expectations rose, and unemployment remained at a historic low of 2.6%, contributing to rising inflation. Due to the shortage of personnel, the salary increases, which also leads to an increase in inflation. Despite the high rate, lending continues to grow.
Analysts are not ruling out a rate hike to 20% before the end of 2024.
It was previously reported that the Russian economy is on the verge of overheating. This was stated by the director of the monetary policy department of the Bank of Russia, Kirill Tremasov.
We remind you that the Bank of Russia in 2022 received a loss of 721.7 billion rubles, which is 27 times higher than the loss in 2021 (26.3 billion rubles).
Source: korrespondent
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