Former Central Bank head Dubinin admitted raising the key rate to 22%

The Central Bank (CBR) of Russia may raise the key rate to 22% at the end of the meeting on December 20. This was announced on December 13 by the former head of the regulator, Sergei Dubinin.

He recalled that he had said many times that the increase in the key rate itself does not bring instant results in the fight against inflation.

"Under these conditions, from my point of view, it is possible not to change the key rate. Nothing will change. But from the point of view of the Bank of Russia itself, I think, still the need for an increase will be recognized, and the rate will be increased by 1 p.p., that is, from 21 to 22%," he said in conversation with the publication "Gazeta.Ru".

Final record: market expects key growth to 23% in December

Why prices will continue to rise in 2025 and how the Central Bank's policy will affect business

Earlier, on December 4, the head of the Central Bank of Russia Elvira Nabiullina reported on the Central Bank's confidence in the growth potential of the Russian economy in 2025. She also noted that the key rate is a powerful tool to fight inflation. And this year, with the help of this tool, the Central Bank managed to prevent the economy from entering an inflationary spiral.

Earlier, November 28, Advisor to the Chairman of the Bank of Russia Kirill Tremasov said that the regulator will consider the issue of raising the key rate at a meeting on December 20. At the same time, Deputy President - Chairman of the Board of VTB Dmitry Pianov said that the bank analysts predict an increase in the key rate to 23%.

On October 25, the Board of Directors of the Central Bank of Russia raised the key rate to 21%. Then, on November 19, Nabiullina said that if Russia does not face additional economic shocks, the regulator will be able to start lowering the key rate in 2025.