Nabiullina allowed a “significant” increase in the Central Bank’s key rate at a meeting in July. The head of the regulator once again reminded that the Bank of Russia is striving to reduce the inflation rate to 4%. Nabiullina described the possible impact of the tax reform on inflation as neutral.
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Elvira Nabiullina considered it possible to significantly increase the official interest rate of the Central Bank at its meeting in July 2024. This was announced at a briefing after the meeting of the Bank of Russia held on June 7.
The head of the Central Bank recalled that the regulator is striving to reduce the inflation rate to 4%. Monetary policy will remain tight as long as necessary to reduce inflation, Nabiullina said.
Nabiullina also noted that tax reform could have a neutral impact on the inflation rate.
On June 7, 2024, the Bank of Russia kept the key interest rate at 16%.
Author:
Kirill Bilyk
Source: RB
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