7.1 C
Moscow
Sunday, September 25, 2022
spot_img

SANCTIONS CONTEXT

CURRENCY EXCHANGE RATES

RUB - Russian Ruble
EUR
59.3405
USD
59.5028

LATEST MARKET STUDY

spot_img

Key rate reduced for the sixth time in a row, now to 7.5%

The Bank of Russia, at today’s meeting of the Board of Directors, decided to reduce the key rate from 8% to 7.5%

“Current consumer price growth remains low, contributing to a further slowdown in annual inflation. This is due to both the influence of a set of one-time factors and restrained consumer demand. The dynamics of business activity is developing better than the Bank of Russia expected in July,” the regulator said in a statement.

However, external conditions for the Russian economy remain difficult, the Bank of Russia added, and continue to significantly limit economic activity. Thus, inflationary expectations of the population and price expectations of enterprises remain at an elevated level.

The Bank of Russia removed the signal on its further actions from the statement on the key rate.

According to the forecast of the regulatur, annual inflation will be 11–13% in 2022, and, taking into account the ongoing monetary policy, it will decrease to 5–7% in 2023 and return to 4% in 2024.

Related Articles

Possibility of reducing or eliminating duties on imported materials and equipment to be considered

The Federation Council Committee on Economic Policy proposes to zero or reduce customs duties on imports of foreign raw materials and equipment to Russia....

Russia’s key rate cut to 8 percent

The Bank of Russia lowered the key rate to 8% following the meeting on July 22. This is the fifth consecutive reduction of the...

Requirement to sell exports’ earnings in foreign exchange cancelled as confirmed by the government

The subcommittee of the government commission for the control of foreign investment in Russia decided to cancel the requirement for exporters to sell 50%...