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Head of Bank of Russia’s department allows raising key rate by more than 1 p.p. if needed

According to Kirill Tremasov, when the regulator discusses an option to change the rate, it carries out an analysis of the sustainability of the process of accelerating inflation

KRASNODAR, June 10. /TASS/. The Bank of Russia can raise the key rate by more than 1 percentage point, if necessary, head of the regulator’s monetary policy department, Kirill Tremasov, said as part of a communication session on the monetary policy of the Bank of Russia in Krasnodar.

"The increase may be more than 100 basis points if the situation requires it. Our policy continues to be aimed at ensuring price stability," Tremasov said.

He noted that in early spring the rate of growth in consumer prices slowed to 4.5%, but began to accelerate in April and May. Therefore, when the regulator discusses an option to change the rate, it carries out an analysis of the sustainability of the process of accelerating inflation. For its July meeting it will review data for May and June.

"We will be able to conclude whether this disinflationary trend has changed, whether inflation has begun to accelerate. If we are convinced of this, then in July we can raise the key rate," Tremasov added.

According to him, a surge in inflation in the country began in mid-2023, which prompted the regulator to start increasing the key rate. By the end of 2023, the Bank of Russia’s key rate was brought to 16%, which allowed to somewhat cool demand and slow down the rate of price growth.

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