The Bank of Russia has left unchanged the key rate of 16% per annum. This is stated in the press service of the Central Bank.
The regulator notes that the current inflationary pressure is gradually easing, but remains high. Due to the continued increased domestic demand, exceeding the possibilities of expanding supply, inflation will return to the target somewhat more slowly than the Central Bank predicted in February.
The return of inflation to the target and its further stabilization near 4% imply a longer period of maintaining tight monetary conditions in the economy than previously predicted.
In the baseline scenario, the Central Bank raised the forecast of the average key rate in 2024 and 2025 to 15-16% and 10-12%, respectively.
