At an extraordinary meeting held on Tuesday, August 15, the Central Bank's Board of Directors decided to raise the key rate by 3.5 pp. Thus, according to the regulator's website, it rose to 12% per annum.
As noted, the sharp tightening of monetary policy is caused by risks to price stability. The regulator noted the increasing pressure of inflation: over the past three months, seasonally adjusted price growth reached 7.6%. While the indicator since the beginning of the year amounted to 4.4%. Acceleration of price growth rates was also recorded.
Analysts of the regulator also assessed the situation, noting the growth of domestic demand, which exceeds the capacity of the Russian economy. This in turn leads to aggravation of the situation and additional pressure on the ruble exchange rate amid demand for imported products.