16:53 - 26.07.2024

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July 26, Fineko/abc.az. The Central Bank of Russia has raised the key rate for the first time since December 2023 - from 16% to 18% per annum.

ABC.AZ informs with reference to the regulator's reports that at the next meetings the Bank of Russia will consider the expediency of its further increase.

Today, the Board of Directors of the Central Bank of the Russian Federation decided to raise the key rate by 200 bps, to 18.00% per annum.

"Inflation has accelerated and is significantly higher than the April forecast of the Bank of Russia. The growth of domestic demand continues to significantly outpace the possibilities of expanding the supply of goods and services. In order for inflation to begin to decline again, additional tightening of monetary policy is required, and for inflation to return to the target, significantly tougher monetary conditions are required than previously expected," the Central Bank of the Russian Federation said.

The Bank of Russia will assess the expediency of further raising the key rate at the next meetings.