Bank of Russia publishes a Summary of the key rate discussion following the meeting on September 13

The material reflects the main points of the discussion about the situation in the economy, inflation, monetary and credit conditions, external factors, and options for decisions regarding the key interest rate.

The participants of the discussion paid significant attention to the reasons for the observed slowdown in the growth rates of the economy in recent months. They concluded that the predominant limitations are on the supply side of goods and services, rather than demand-side factors.

In the current situation, additional tightening of monetary conditions was necessary to bring inflation back to the target by 2025.

As a result of the discussion, the key interest rate was raised to 19.00% per annum. The Bank of Russia allows for the possibility of additional increases in the key interest rate in October.