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- Central Bank of Russia hikes policy rate by 100 bps to 9.5% as expected
Central Bank of Russia hikes policy rate by 100 bps to 9.5% as expected
The Central Bank of Russia announced on Friday that it raised its policy rate by 100 basis points to 9.5% from 8.5%. This decision came in line with the market expectation.
Key takeaways from policy statement
"Key rate decisions will be made taking into account actual and expected inflation movements relative to the target and economic developments over the forecast horizon as well as risks posed by domestic and external conditions and the reaction of financial markets."
"If the situation develops in line with the baseline forecast, the Bank of Russia holds open the prospect of a further key rate increase at its upcoming meetings."
"The Bank of Russia’s monetary policy stance is aimed to return inflation to 4%."
"Based on the Bank of Russia's forecast, given the monetary policy stance, annual inflation will reduce to 5.0-6.0% in 2022 to return to the target in the middle of 2023."
Market reaction
The USD/RUB pair showed no immediate reaction to this announcement and was last seen posting small losses on the day at 75.1010.
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