Russia’s Central Bank keeps key rate at 7.5%

The Board of Directors of the Bank of Russia (Central Bank) at a meeting on October 28 decided to keep the key rate at 7.5% per annum, reported from the Russian media.

"Current growth rates of consumer prices generally remain low, contributing to a further slowdown in annual inflation, while household and business inflation expectations are at an elevated level,” the regulator said in a press release.

According to the Central Bank, partial mobilization will be a deterrent to the dynamics of consumer demand and inflation over the next few months, but in the future its effects will be pro-inflationary.

At the end of February, the Central Bank raised the key rate immediately to 20% against the backdrop of sanctions against Russia imposed in response to the military actions in Ukraine. After the situation stabilized from April, the rate began to decline and by September reached 7.5%.

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