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Financial News: Russia Central Bank Lifts Rate By 100 Bps

Russia Central Bank Lifts Rate By 100 Bps

12/17/2021 - 06:11:00 (RTTNews)

(RTTNews) - Russia's central bank raised its key interest rate by 100 basis points, on Friday, citing upside risks to inflation.

The Board of Directors of Bank of Russia decided to lift the interest rate to 8.50 percent from 7.50 percent.

The bank has hiked its benchmark rate by 425 basis points so far this year.

The board said inflation is developing above the October forecast. Given the rising inflation expectations, the balance of risks for inflation was markedly tilted to the upside.

This may bring about a more substantial and prolonged upward deviation of inflation from the target. The monetary policy stance is aimed to limit this risk and return inflation to 4 percent, the bank said.

"If the situation develops in line with the baseline forecast, the Bank of Russia holds open the prospect of further key rate increase at its upcoming meetings," the bank said.

According to baseline scenario, annual inflation will edge down to 4.0 percent to 4.5 percent by the end of 2022 and will remain close to 4 percent further on.

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