A statement issued by the Russian Central stated: “On September 16, 2022, the Board of Directors of the Bank of Russia (Central Russia) decided to reduce the key interest rate by 50 basis points to 7.5% annually. The current growth rate of consumer prices remains low, which contributes to more slowdown in inflation.
The following are the main points of today’s meeting of the Russian Central Bank:
The Bank decided to cut the main interest rate by 0.5 percentage point to 7.5%.
Inflation in Russia in 2022 will be in the range of 11% – 13%. The annual inflation rate in Russia fell last August to 14.3%, and according to estimates, the indicator fell on September 9, 2022 to 14.1%.
– The Central Bank will take further decisions on the key interest rate, taking into account the dynamics of inflation and the process of restructuring the Russian economy.