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The Central Bank of Russia increased the policy rate to 13 percent

The Central Bank of Russia increased the policy rate from 12 to 13 percent.

The Central Bank of Russia increased the policy rate to 13 percent

In the statement made by the bank, it was noted that the inflation pressure in the country's economy continues at high levels.

It was stated in the statement that domestic demand exceeded production capacity and this situation increased import demand, and that the Russian ruble lost value for this reason.

In the statement, it was emphasized that the target of reducing inflation to 4 percent in 2024 is valid, and said, "The Central Bank of Russia has decided to increase the policy interest rate to 13 percent." It was said.

In the statement, it was also pointed out that the period for tight fiscal policy implementations could be extended in order to reach the target level of inflation.

It was stated in the statement that the annual inflation rate was 5.5 percent as of September 11, and that the inflation rate is expected to be 6 to 7 percent at the end of the year.


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