Xinhua News Agency, Moscow, October 28 (Reporter Geng Pengyu) The Central Bank of Russia announced on the 28th that it will keep the benchmark interest rate unchanged at 7.5%, ending the cycle of interest rate cuts that has lasted for several months.
The website of the Central Bank of Russia released news on the same day that the current increase in consumer prices has generally remained at a low level, and inflation has further slowed down. The central bank has decided to keep the benchmark interest rate unchanged. In the future, the central bank will determine the direction of interest rates based on factors such as changes in inflation, the process of economic restructuring, and internal and external risks.
The Russian central bank predicts that under the current monetary policy, the Russian inflation rate will drop to 5.0% to 7.0% in 2023, and will drop to 4% in 2024.
At the end of February this year, the Central Bank of Russia significantly raised the benchmark interest rate from 9.5% to 20%. Since April, the Central Bank of Russia has cut interest rates several times, and in September lowered the interest rate to 7.5%. (Finish)