Bank of Russia increases policy rate 100bp

Citing inflation “higher and more persistent than forecast”, the Bank of Russia board of directors raised the policy rate by 100 basis points on July 23. This brings the key rate to 6.5%.

The central bank said that year-on-year inflation had reached 6.5% in June, adding that it had adjusted its inflation projections for the year. It now expects inflation to reach 5.7–6.2%, before falling towards 4–4.5% in 2022 and 4% thereafter. The Bank of Russia maintains a 4% inflation target.

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