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The inflation rate in 2023 is expected to be in the region of 5 to 7%.
For the third time in a row, the Bank of Russia kept its key rate at 7.5% per annum, a correspondent reports. DOPs.
According to the press service of the regulator, in 2023 the country’s GDP will grow by 1.5% -2.5%. Price growth is expected in the range of 5 to 7%, and the inflation target of 4% will be achieved in 2023.
Against the backdrop of the country’s budget deficit, the Central Bank of the Russian Federation may move to a tighter monetary policy and potentially increase the key rate. When exactly this can take place has not yet been reported.
The last time the key rate was reduced by the regulator in September 2022, then it was 8%. Since then, the rate has remained unchanged at 7.5%.
Prior to this, the key rate was urgently raised by the Central Bank of the Russian Federation on February 28, 2022 from 9.5% to 20%. The increase in the rate provided an increase in deposit rates to the levels necessary to compensate for the increased devaluation and inflation risks, will help maintain financial and price stability and protect citizens’ savings from depreciation.
