Russia's Central Bank raises key rate to 21%

The Bank of Russia's Board of Directors has announced after their meeting an increase in the key rate by 200 basis points, from 19% to 21% per annum, Report informs via Russian media.

The regulator's baseline forecast suggests that inflation will be in the range of 6.5-7% in 2024, and will decrease to 4-4.5% in 2025, remaining close to 4% thereafter.

However, in September of this year, according to the Central Bank, seasonally adjusted inflation increased to 9.8% from 7.5% in August.

Core inflation rose to 9.1% from 7.7% in August.