What does it mean for Russia to raise interest rates by 200 basis points?
On October 25, according to CCTV news, the Central Bank of Russia raised interest rates by 200 basis points, increasing the key rate from 19% to 21%.
On July 26, the Central Bank of Russia raised interest rates by 200 basis points, with the benchmark rate increasing from 16% to 18%, aligning with market expectations.
On September 13, the Central Bank of Russia announced a 100 basis point increase in interest rates, raising the key rate from 18% to 19%.
The Central Bank of Russia stated that inflationary pressures remain significant, having predicted in July that this year's inflation rate would be between 6.5% and 7.0%, but it now appears that the actual situation may exceed this forecast.
The growth of domestic demand in Russia continues to far exceed the capacity for goods and services supply.
To lower inflation expectations and ensure that the inflation rate returns to target levels by 2025, the Central Bank of Russia needs to take additional monetary tightening measures. The Central Bank of Russia does not rule out the possibility of further raising the key interest rate.
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