The board of the Central Bank of Russia (CBR) increased the key interest rate by 2 percentage points from 16% to 18%, in line with consensus expectations at the policy meeting on July 26. This makes the first rate hike since December 2023 when the CBR hiked the rate from 15% to 16%. As followed by bne IntelliNews, the CBR’s board at the last June 7 policy meeting also resolved to keep the key interest rate unchanged at 16%, making a neutral rate decision for the fourth consecutive time. (chart) The CBR also hiked its forecast for the country’s GDP growth to 3.5-4% this year, adjusting its medi…
