Economist admits key rate hike to 23% in December
At the meeting of the Board of Directors of the Central Bank of Russia (CBR) in December, the regulator may increase the key rate to 23%. This forecast was made on December 5 by Andrei Klepach, Chief Economist of VEB.RF, on the margins of the Verona Eurasian Economic Forum in Ras-El-Khaimah in the United Arab Emirates (UAE).
"I expect that it (the rate. - Ed.) will be raised. I think, for the time being, rather by 2 percentage points. But I do not rule out that more," Klepach told TASS.
The economist admitted that a new rate hike is possible in early 2025.
The day before, on December 4, the head of the Central Bank Elvira Nabiullina at the VTB forum "Russia Calling!" noted that the key rate is a powerful tool to fight inflation, and this year's increase in this indicator helped prevent the Russian economy from entering an inflationary spiral.
Dmitry Skryabin, portfolio manager of Alfa Capital Management Company, suggested in a conversation with Izvestia on December 2 that the Central Bank may raise the rate to 23% in December, but this increase will be the last one, and it will be followed by a pause, which could become an important break point in the market trend. The expert pointed out that the regulator needs to find a balance between the speed of inflation reduction and economic growth.
On October 25, the Central Bank raised the key rate to 21%. The regulator then noted that pro-inflationary effects lead to additional budget expenditures and expansion of the federal budget deficit, and therefore it is possible that the rate will be raised additionally.
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