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The Central Bank of the Russian Federation admitted the possibility of raising the key rate in October
Alexey Zavotkin, deputy chairman of the Russian Central Bank, said the central bank could decide to raise interest rates in October.
He explained that this could happen at the next board meeting.
Economist Denis Raksha believes that the central bank will most likely raise interest rates to 20% at its next meeting. Regulators must continue to fight rising inflation, the expert noted.
In September last year, the Central Bank of Russia raised the base interest rate from 18% to 19%. At present, inflationary pressure remains high, representatives of the central bank noted. Against this background, annual inflation may exceed the forecast range of 6.5-7%.
Interest rate hikes were needed to restart the deflation process, reduce inflation expectations and return inflation to target levels next year.