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23 July, Monday

Ufa   °

Bank of Russia has kept its key rate unchanged at 11 percent per annum


UFA, 18 March 2016. /Bashinform News Agency, Galina Bakhshieva/.

The Board of Directors of the Bank of Russia has decided to keep the key rate unchanged at 11 percent per annum.

The inflation risks remain high despite some stabilization in financial and commodity markets, inflation slowing down. They are related to oil market conditions, preservation of inflationary expectations at a high level, uncertainty of separate items of the budget, according to the press release of the regulator.

In order to achieve the inflation target the Bank of Russia may conduct a moderately stringent monetary policy for a longer period of time than previously thought.

According to the forecast of the Central Bank of the country, taking into account the decision made the annual inflation rate will amount to less than six percent in March 2017 and will reach the target level of four percent by the end of the same year.

The Bank of Russia reduced the key interest rate for the last time in August. The next meeting of the Central Bank Board of Directors on the key rate will be held on April 29.

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