The Central Bank for the fifth time in a row kept the key rate at 7.5% per annum

The Central Bank of Russia for the fifth time in a row kept the key rate at 7.5% per annum. This is stated in the statement of the regulator.

“On April 28, 2023, the Board of Directors of the Bank of Russia decided to keep the key rate at 7.50% per annum”, – noted in the message.

According to the forecast of the Bank of Russia, annual inflation in the country will be 4.5-6.5% and will return to 4 percent in 2024.

It follows from these auctions that the ruble did not react to the decision to keep the key rate.

On April 20, the head of the Central Bank of the Russian Federation, Elvira Nabiullina, announced that a reduction in the key rate in Russia would occur when pro-inflationary risks subsided.

Note that the Central Bank put the key rate reduction cycle on pause in October 2022, leaving it at 7.5% per annum. They did not change it in December, February and March.