Russia’s Central Bank raises key rate to 12%

The Bank of Russia at an extraordinary meeting has raised the key rate to 12% from 8.5% per annum, Report informs referring to TASS.

“The Bank of Russia will make further decisions on the key rate, taking into account the actual and expected inflation dynamics relative to the target, the process of structural adjustment of the economy, as well as assessing the risks from internal and external conditions and the reaction of financial markets to them. According to the forecast of the Bank of Russia, taking into account ongoing monetary policy, annual inflation will return to 4% in 2024,” reads the statement.

The last time the regulator raised the key rate on July 21 by 1 percentage point to 8.5% per annum.