The Deputy Governor of Russia's central bank, Olga Polyakova, has signaled the institution's readiness to further elevate the key interest rate should indications of inflation slowing down remain absent.
Polyakova stated, "In recent meetings, we've substantially increased the key rate. Over the recent period, we've implemented a 7.5 percentage point hike, bringing the rate to 15 percent per annum," as reported by Xinhua news agency.
Emphasizing the bank's stance, Polyakova added, "If necessary, we stand prepared to undertake this action once more, unless there are clear indications of a sustainable reduction in inflation rates and a cooling off of inflationary expectations."
Russia's central bank last increased the key interest rate by 2 percentage points to 15 percent at the end of October in response to escalating inflationary pressures.
During this adjustment, the bank also revised its inflation forecast for 2023 to a range between 7 percent and 7.5 percent, up from the previous estimate of 6 percent to 7 percent. Additionally, projections for 2024 were adjusted to a range of 4 percent to 4.5 percent.
Russian Ruble Strengthens Against US Dollar Amid New Sanctions
