The head of the Central Bank warned Russians with deposits and loans

Increase in the key rate of the Central Bank of the Russian Federation, consequences for loans and deposits

In the context of rapidly rising inflation, the Bank of Russia took unprecedented measures, raising the key rate to 21% per annum. The head of the Central Bank, Elvira Nabiullina, emphasized that this decision is aimed at stabilizing the economic situation and curbing inflation processes. However, full achievement of the 4% inflation target by 2024 remains in doubt.

According to Nabiullina, the current level of inflation is largely due to excess demand, fueled by significant savings of the population. The Central Bank maintains a tough position and does not rule out a further increase in the key rate if necessary. The decision to increase will depend on the effectiveness of current measures and progress towards the target…