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Key Rate of the Bank of Russia Has Hit Maximum Value since 2017
[Ключевая Ставка Банка России Достигла Максимума С 2017 Г]

Author

Listed:
  • Alexandra V. Bozhechkova

    (Gaidar Institute for Economic Policy; Russian Presidential Academy of National Economy and Public Administration)

  • Pavel V. Trunin

    (Gaidar Institute for Economic Policy; Russian Presidential Academy of National Economy and Public Administration)

Abstract

The key rate of the Central Bank of the Russian Federation has been raised by 1 p.p. to 8.5% per annum. It has reached its maximum value since 2017. This is due to the acceleration of inflation on the back of the expansion of demand in the face of continuing problems with goods and services supply. By the end of November 2021, inflation in annual terms came to 8.4% and approached record values over the past 5 years. Given the inertia of inflation, it will remain above the target of 4% for a long time and will return to it no earlier than the end of 2022 – the beginning of 2023.

Suggested Citation

  • Alexandra V. Bozhechkova & Pavel V. Trunin, 2022. "Key Rate of the Bank of Russia Has Hit Maximum Value since 2017 [Ключевая Ставка Банка России Достигла Максимума С 2017 Г]," Russian Economic Development, Gaidar Institute for Economic Policy, issue 1, pages 9-12, January.
    • Handle: RePEc:gai:recdev:r2202
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    More about this item

    Keywords

    inflation; monetary policy; key rate; capital outflow; Bank of Russia;
    All these keywords.

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • F31 - International Economics - - International Finance - - - Foreign Exchange

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