[Regnum] On March 22, the Bank of Russia left the key rate at 16% per annum for the second time in a row. This is stated in the corresponding statement of the regulator.
“The Board of Directors of the Bank of Russia decided to maintain the key rate at 16.00% per annum,” the Central Bank reported.
Since July 2023, the Central Bank, in order to counter inflation, has been raising the key rate - first by 1 percentage point, later, against the backdrop of the falling exchange rate of the ruble - by 3.5 percentage points. In the fall, the Central Bank added three more points, and in December - one more, bringing the figure to 16%. In February 2024, for the first time since June, the rate was kept unchanged.
As Regnum reported, in February the Central Bank reported that the current inflation pressure at that time had decreased, although it remained high, and domestic demand continued to significantly outstrip the possibilities for expanding the production of goods and services, so it is premature to draw conclusions about the sustainability of inflation reduction trends. At the same time, Russian President Vladimir Putin, at a meeting on supporting investment projects in domestic industry, called the Central Bank rate increase a temporary measure.