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Главная \ News \ The Central Bank lowered its key rate to a record 4.5%

The Central Bank lowered its key rate to a record 4.5%

The Bank of Russia announced a key rate cut by one percentage point at once – up to 4.5%. This is a historical minimum, follows from the data of the regulator.
The Central Bank noted that due to long-term restrictive measures due to coronavirus, disinflation factors “act stronger than previously expected”. The influence of short-term inflationary factors is “largely exhausted”. Risks to financial stability decreased, and inflationary expectations of the population and business decreased.

“Under these conditions, there is a risk of a significant deviation of inflation down from the 4% target in 2021. The decision at a key rate is aimed at limiting this risk and keeping inflation close to 4%”, the report said.
Earlier, Central Bank Chairman Elvira Nabiullina announced the possibility of lowering the key rate by a “more decisive step”, including by 1 pp. She said that a moderate reaction to inflationary expectations allowed in April to switch to a soft monetary policy. According to the forecast of Sberbank, by the end of September, the rate may drop to 4%.
In April, the Central Bank lowered its key rate to 5.5%, in March the rate was kept at 6%, and before that, the rate had been reduced six times in a row since October.

 

Source: www.kommersant.ru

News
The growth rate of prosperity in Russia over the past two years has exceeded the world average, analysts from the Boston Consulting Group said.
The authorities admitted that they could not keep inflation within 4%. It will be possible to return to this target indicator only in the second half of 2022, according to the analytical commentary of the Central Bank.
The OECD predicts acceleration in the global economy and a slowdown in the domestic Russian economy. The decline in household incomes and the contraction of consumer demand may become an additional brake on the recovery of the Russian economy.
According to Rosstat, the economic downturn in Russia in 2020 amounted to 3.1% – significantly better than expected.
The Deputy Chairman of the Bank of Russia Alexey Zabotkin emphasized that the potential economic growth rates do not depend on monetary policy, they are influenced by demography, labor force, and the efficiency of institutions.
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