The Central Bank of Russia (Bank of Russia) held the key rate at 21% on December 20.
The decision is due to a more significant tightening of monetary conditions than the Central Bank previously predicted. It is emphasized that this effect has been achieved thanks to autonomous factors independent of monetary policy.
The Bank of Russia also notes increased inflationary pressure and intends to consider the possibility of a further rate hike at the next meeting, based on the current dynamics of inflation and lending.
The Central Bank points out that tight monetary conditions and a slowdown in lending should reduce inflationary pressure in the coming months.
According to the Moscow Exchange, the ruble did not react to the decision of the Central Bank of the Russian Federation to maintain the key rate.
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