Bank of Russia increases the key rate to 20% p.a.

The Bank of Russia Board of Directors decided to increase the key rate to 20% per annum from 28 February 2022. External conditions for the Russian economy have drastically changed. The increase of the key rate will ensure a rise in deposit rates to levels needed to compensate for the increased depreciation and inflation risks. This is needed to support financial and price stability and protect the savings of citizens from depreciation.

Further key rate decisions will be made taking into account risks posed by external and domestic conditions and the reaction of financial markets, as well as actual and expected inflation movements relative to the target and economic developments over forecast period.

A statement by the Governor of the Bank of Russia in follow-up to the Board of Directors meeting is to be delivered on 28 February 2022 at 16:00 Moscow time.

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