The Central Bank of Russia on Friday expectedly left the key rate unchanged. Thus, as stated in a statement of the regulator, for the fourth time in a row, it remained at 7.5% per annum.
As previously reported, the Bank of Russia decided to put the cycle of reduction of the key rate on pause in October, leaving it at the same level of 7.5% per annum. The situation did not change in December and February. But during the first meeting of 2023, the regulator still decided to tighten the signal on the key rate, noting that in the case of increasing pro-inflationary risks will be assessed the feasibility of increasing it at the next meetings.
"The Board of Directors of the Bank of Russia on March 17, 2023 decided to keep the key rate at 7.50% per annum," the bank said in a statement.
Analysts polled by RIA Novosti said they expected the rate to remain in place. In substantiating their forecast, they noted that inflation and inflation expectations in Russia have slowed. The turbulence on global financial markets has also played its part, bringing uncertainty to the global economy.