11 Feb 2022 13:53

Central Bank leaves policy signal unchanged after hiking rate 100 bps: further increase possible

MOSCOW. Feb 11 (Interfax) - The Central Bank of Russia has, after hiking its key rate another 100 basis points to 9.5% per annum, left its signal about the course of monetary policy unchanged.

This is the second successive 100 bps increase and the third in the current cycle of rate increases than began in March 2021.

The regulator stepped up the extent of its rate increases in December from 75 to 100 bps as inflation gathered pace. At the time it softened its policy signal somewhat, referring to further rate increase in the singular, not the plural. The wording is exactly the same this time: "If the situation develops in line with the baseline forecast, the Bank of Russia holds open the prospect of further key rate increase at its upcoming meetings," it said.