The meeting of the Board of Directors of the Bank of Russia on the issue of the key interest rate is comparable in importance and scale to the Battle of Waterloo, says Dmitry Pyanov, vice-president and chairman of the board of directors of VTB.
According to Pyanov, the members of the board of directors of the Central Bank during the meeting will find themselves “as if they were facing their own Waterloo.”
“It is not in vain that I announced this board of directors with as much pathos as, in fact, before Waterloo. Just as Waterloo determined the fate of Europe, this meeting will largely determine the development of the financial and banking markets in the remainder of 2023 and, above all, in 2024,” the TASS agency quotes the words of a representative of the bank.
According to Pyanov’s forecasts, the regulator will most likely decide again to increase the key rate to 14% or 15% per year.
The next meeting of the Central Bank on the key interest rate will take place on Friday, October 27. Prior to this, at a meeting in September, the regulator raised the key rate by 100 basis points, from 12% to 13%.
This happened a month after an unscheduled board meeting, where it was decided to increase the rate from 8.5% to 12% per year due to the exchange rate situation of the national currency.
Author:
Natalia Gormaleva
Source: RB
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