The Bank of Russia kept the key rate at the same level – 21 percent per annum

The Central Bank of the Russian Federation made another decision on the level of the refinancing rate. The results of the last scheduled meeting of the Board of Directors of the year are stated in the regulator’s press release.

On Friday, December 20, the Board of Directors of the Bank of Russia decided not to change the key rate, leaving it at 21 percent per annum. This is a record level in the history of the country. The rate was raised to this value at the previous meeting at the end of October.

The Central Bank of the Russian Federation associates the decision not to change the rate at the end of the year with a very significant tightening of monetary conditions, which occurred thanks to the October decision. However, inflation expectations continue to rise, so the inertia of persistent inflation is still strengthening.

The Bank of Russia believes that the target inflation rate of 4 percent will be achieved…