On July 24, the Board of Directors of the Central Bank of Russia…
On July 24, the Board of Directors of the Central Bank of Russia decided to reduce the key interest rate by 0.25 percentage points to 14% annually. The central bank's governor, Elvira Nabiyulina, stated that two options—rate reduction and maintaining the current level—were considered, while proposals for raising the rate were discussed only briefly.
Consensus
- The Central Bank of Russia reduced the key interest rate by 0.25 percentual points on July 24.
- The new key interest rate is 14% per annum.
- Elvira Nabiyulina, Chair of the Central Bank, stated that two options were subject to detailed consideration: reducing the rate or keeping it unchanged.
- There were brief mentions of proposals to increase the rate, but they were not considered in detail.
- The decision was made during a meeting of the Board of Directors on July 24.
- Inflation expectations for the current year have been revised upward to 6–7%.
Points of divergence
- Nabiyulina stated that there is currently no basis for preemptively raising the key rate, but she did not exclude future increases if inflation conditions change. — kommersant
- The exit of production capacities reduces the space available for lowering the key interest rate, and this factor influenced decision-making. — interfax
- On the Central Bank's board meeting on July 24, there were only isolated suggestions to raise the key rate, which were not subject to detailed consideration. — fontanka
- It is impossible to completely rule out the possibility of raising the key interest rate in the future. — vm
Coverage (7 sources)
- Naбиуллина: We considered both maintaining the key rate and its reduction — Вести
- Naubilina does not rule out raising the Central Bank rate — Коммерсантъ
- Central Bank Head Notes That Capacity Exit Reduces Room for Key Rate Cuts — Интерфакс
- Naбиуллина: At the Central Bank meeting, proposals to raise the key rate were heard — Фонтанка
- Central Bank of Russia sees no grounds for preemptively raising key rate — Вести
- Naibiulina: It is impossible to completely rule out the possibility of raising the key rate — Вечерняя Москва
- Central Bank of Russia Seriously Considered Two Options for Interest Rate on Friday — Интерфакс