The Board of Directors of the Central Bank of the Russian Federation, at a meeting on Friday, July 26, decided to increase the key rate by 200 basis points, to 18% per annum. This is reported by The Moscow Times with a link to a message from the Russian Central Bank.
►Read < i>Ministry of Finance page on Facebook: main financial news
The key rate of the Bank of Russia is now at the level of African countries and the problematic economies of Latin America. For example, in Venezuela the rate is above 18%, Afghanistan – 15%, Zambia – 13.5%, Congo 14%, Malawi – 12%, Mozambique – 13.25%.
Accelerating inflation in the Russian Federation< /h3>
Inflation has accelerated in Russia, the Central Bank of the Russian Federation admits, and is significantly higher than its April forecast (4.3-4.8% at the end of the year). Therefore, the central bank had to “significantly revise” the entire forecast.
Now the regulator expects inflation to be 6.5-7% for the year. Since the beginning of the year it has already amounted to 4.9%.