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Bank of Russia maintains key interest rate at 21 percent
(MENAFN) The Bank of Russia decided to keep its key interest rate at 21% on Friday, aligning with market expectations.
The bank stated, "Current inflationary pressures have decreased but remain high, especially underlying ones.” It highlighted that "domestic demand growth is still significantly outstripping the capabilities to expand the supply of goods and services."
The bank predicts yearly inflation will drop to 7-8% by 2025 and reach 4% in the following year.
It has projected a continued decrease in inflationary pressures over the next few months, stating, "This will be supported by a cooldown in lending and high saving activity."
The bank stated, "Current inflationary pressures have decreased but remain high, especially underlying ones.” It highlighted that "domestic demand growth is still significantly outstripping the capabilities to expand the supply of goods and services."
The bank predicts yearly inflation will drop to 7-8% by 2025 and reach 4% in the following year.
It has projected a continued decrease in inflationary pressures over the next few months, stating, "This will be supported by a cooldown in lending and high saving activity."
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