Taking into account the available data and the implementation of… (ключевой · ставка · регулятор)
Taking into account the available data and the implementation of inflationary risks, regulators explained that a higher trajectory for the key rate may be required in the medium term to stabilize inflation at its targets than was anticipated in the April forecast.
Consensus
- The Central Bank of Russia (CBR) acknowledged that the key interest rate may be higher in the medium term than previously expected.
- Pro-inflationary risks have limited space for easing monetary policy.
- The CBR lowered the key rate from 14.5% to 14.25% on June 19, 2024.
Points of divergence
- The CBR's head Elvira Nabiyullina said the July rate forecast will likely be revised upward rather than downward. — vm
- VTB expects that the CBR will revise its 2027 interest rate forecast to a range of 10–11% from 8–9%, due to new projections. — m24
Coverage (3 sources)
- Central Bank does not rule out a high trajectory for the key rate in the medium term — Вечерняя Москва
- Central Bank Forecasts a Longer Period of High Key Interest Rates — Коммерсантъ
- Central Bank Does Not Rule Out a Higher Trajectory for the Key Rate — Москва 24