The Bank of Russia at its board meeting, which took place on Friday, set the key interest rate at 21%. This decision was made in the context of maintaining economic stability and strengthening the financial system of the country.
"We will continue to support monetary policy at a level that ensures maintained moderately tight settings of the financial system as a whole and its significant components, including the banking sector," noted the Bank of Russia.
Experts point out that the rate increase is linked to rising inflation in the country and the strengthening of the dollar. In recent months, there has been a noticeable increase in the cost of food products, which poses a risk to the growth plans of the economy.
"The increase in the key rate should help maintain the stability of the financial system and limit inflation," experts noted.
