Russia's Central Bank not expecting double-digit key rate in 2022

MOSCOW. Dec 2 (Interfax) - The Central Bank of Russia (CBR) does not expect the key rate to reach double digits in 2022, Central Bank Governor Elvira Nabiullina said at the Reuters summit.

"Our baseline inflation forecast for 2022 is 4%-4.5%, and we do not foresee a double-digit key rate next year," Nabiullina said.

Nabiullina recalled that the forecast trajectory of the key rate that the CBR published in October is 7.3%-8.3% in 2022.

"Of course, this is not forward guidance or policy commitment, this is the range of the key rate trajectory that is consistent with other parameters of the baseline forecast, and it will be updated along with the forecast," Nabiullina said.