The Azerbaijan State News Agency

WORLD

Bank of Russia raises key rate to 12% from 8.5% per annum

Bank of Russia raises key rate to 12% from 8.5% per annum

Baku, August 15, AZERTAC

The Bank of Russia decided to raise the key rate to 12% from 8.5% per annum at an extraordinary meeting of the Board of Directors on Tuesday, TASS reported.

"The Bank of Russia Board of Directors decided to increase the key rate by 350 basis points to 12.00% per annum from 15 August 2023. The decision is aimed at limiting price stability risks," the statement said.

"Moving forward, in its key rate decision-making the Bank of Russia will take into account actual and expected inflation dynamics relative to the target and economic transformation processes, as well as the risks posed by domestic and external conditions and the reaction of financial markets. According to the Bank of Russia’s forecast, given the monetary policy stance, annual inflation will return to 4% in 2024," the regulator added.

The Bank of Russia noted, "Hereinafter, with current price growth rates staying at the attained levels the risk of inflation’s deviation upwards from the target in 2024 is substantial. The Bank of Russia’s decision is aimed at shaping monetary conditions and overall domestic demand dynamics necessary to bring inflation back to 4% in 2024 and stabilize it close to 4% further on."

For the first time since March 2022, the dollar and euro exchange rates exceeded 101 and 111 rubles, respectively, during daytime trade on August 14. In light of the volatility of the ruble exchange rate, the Bank of Russia called a meeting of the regulator's board of directors on Tuesday, August 15. Following the meeting, the dollar fell below 99 rubles, while the euro decreased below 108 rubles.

The next meeting of the Bank of Russia's Board of Directors on the key rate level, is scheduled for September 15, 2023.

Share news on social media

Follow us on social network

President Ilham Aliyev shared post about National Hero Natig Gasimov

President Ilham Aliyev shared post on Armed Forces Day

Azerbaijan, Russia discuss current situation in region

Azerbaijan, Russia explore current state and development prospects of consular cooperation

First day of "By Youth For Youth" International Forum concludes in Shusha

Sabina Aliyeva addresses meeting of OIC ombudspersons in Morocco

Ukraine and Moldova enter formal membership talks with the European Union

® Kapital Bank successfully completed subscription for dollar bonds

Azerbaijani cadet judokas to aim for 'medal rush' at European Championships

Turkish, Armenian foreign ministers hold rare phone call

Shusha hosting International Youth Forum

Youth involvement in major projects essential, says minister

Azerbaijan names U15 wrestling squad for 8th Children of Asia International Sports Games

Azerbaijan’s Green World Solidarity Year in spotlight of US media

Young European Ambassadors highlight importance of COP29 in Azerbaijan

Fund for Support to Azerbaijani Diaspora and Hungarian Turan Foundation eye enhancing cooperation

® Over 700 young people joined the “This Is the Way” social project!

Azerbaijan, Gambia waive visa requirement for holders of diplomatic passports

Nacho Fernandez leaves Real Madrid after more than 2 decades

BHOS students to represent Azerbaijan in US

Cooperation Forum of Azerbaijani NGOs wraps up in Zangilan

Sofia's INSAIT Institute for Computer Sciences and AI Awards Grants to Eight Students to Keep Them in Bulgaria

Fiji Airways crowned best airline in Australia and Pacific for second year

Military Institute named after Heydar Aliyev holds another graduation ceremony

China's Chang'e 6 probe will soon bring samples of the moon's far side to Earth — and scientists are getting excited

Azerbaijan, Turkmenistan discuss progress made on Middle Corridor expansion

Euro 2024: Deutsche Bahn's onboard beer sales double

400 Kenyan police officers depart for Haiti to lead UN-backed mission

“Solidarity Appeal of Azerbaijani NGOs for a Green World” to the President of the Republic of Azerbaijan

Germany: Rare Rothschild giraffe born at Berlin zoo

Fifth volume of the multi-volume work "History. Time. Thoughts" by Professor Irada Huseynova published

Garlic could be a secret weapon to keep down your glucose and cholesterol

Central Bank: $87m worth of demand fully covered at FX auction

WikiLeaks founder Julian Assange stops in Bangkok on his way to a US court and later freedom VIDEO

German TV: “Without your kind cooperation it would not have been possible for us to realise the film…”

Malaysia hosts exhibition about Shusha – pearl of Karabakh

World Bank Approves $150 million to improve primary healthcare services in Sri Lanka

Paris hosts presentation of documentary about Ahmadiyya Jabrayilov - prominent representative of French Resistance Movement

To Her Excellency Madame Nataša Pirc Musar, President of the Republic of Slovenia

Oil prices rise in global markets

Azerbaijani oil price slightly increases

Azerbaijani wrestler into European championships final

33 Greco-Roman era family tombs uncovered in Egypt's Aswan

Spokesperson for US Department of State: We continue to support engagement between Azerbaijan and Armenia

Mattia Zaccagni's last-minute goal brings last 16 ticket to Italy

European Commission says Apple in breach of EU competition rules

Turkish Airlines retains Europe’s best airline title for 9th time

Participants of AZERTAC internship program receive certificates

Azerbaijani female chess player crowned English Chess Champion

AZAL once again named best airline in Central Asia and CIS

Azerbaijan, Kyrgyzstan discuss implementation of joint projects

Zangilan hosts Cooperation Forum of Azerbaijani NGOs

NASA confirms it would fail protecting Earth from an asteroid impact in 14 years

Azerbaijan-Brazil interparliamentary relations discussed

Baku Open 2024 to welcome over 300 chess players

Egyptian Al-Ahram newspaper publishes interview with Azerbaijani ambassador

Princess Anne admitted to hospital after head injury

German Liberals threaten ruling coalition over debt

Kylian Mbappe 'really eager' to play against Poland, says Aurelien Tchouameni, rounds on France critics at Euro 2024

Drinking coffee may lower risk of death from too much sitting

Azerbaijan’s Constitutional Court to review President’s request regarding compliance of parliament dissolution with Constitution

Azerbaijan extends special quarantine regime until October 1, 2024

® Opportunity for micro entrepreneurs to benefit from EDF (SİF) loans via Birbank Biznes

SpaceX completes Falcon 9 double launch day with Starlink mission from Vandenberg Space Force Station

Türkiye’s major crypto exchange BtcTurk hit by cyberattack

Uzbekistan becomes first country to receive World Bank carbon funds after reducing emissions

ANAMA: 946 hectares of territory cleared of mines and UXOs over past week

China's reusable carrier rocket completes first 10-km VTOL test

Junior Azerbaijani boxers make successful start to EUBC European Championships

Italian literary portal publishes verses by outstanding Azerbaijani poetess Mahsati Ganjavi

Fire protection team leaders hold training-methodical session, Defense Ministry VIDEO

Azerbaijani athletes to compete at 8th Children of Asia International Sports Games

Climate Action Forum of NAM Youth Organization wraps up in Baku VIDEO

President Ilham Aliyev offers condolences to Russian President and Head of Dagestan

Fire engulfs battery plant, killing one worker

First Azerbaijani diaspora organization founded in South Africa

BHOS students to study in Portugal

Oil prices down in world markets

To His Excellency Mr. Vladimir Putin, President of the Russian Federation

At least 1,301 people died during Hajj - Saudi Arabia

Switzerland make EURO 2024 last 16 despite draw with Germany

To Mr. Sergey Melikov, Head of the Republic of Dagestan of the Russian Federation

Several killed as orthodox church and synagogue attacked in Russia's Dagestan

BTA to have press clubs in all regional cities in Bulgaria with opening of national press club in Montana on June 24

Trump says he knows who his vice presidential selection will be

Young Azerbaijani badminton players garner four medals in Serbia

8 missing after landslide hits houses in central China

Japanese Emperor Naruhito finally begins delayed UK state visit

New Caledonia pro-independence leader charged

Delegation of Culture Ministry embarks on Germany visit

'Tens of thousands' of NHS patients have their names, dates of birth and private information published online by hackers who demanded £40m ransom after cyber attack on London hospitals

European Forum of Azerbaijani Engineers gets underway in Germany

Georgia waste late chance for win over Czech Repuplic

Everton sign midfielder Iroegbunam from Aston Villa

Thailand extends free insurance coverage for foreign tourists until Year-End

Azerbaijan Army positions in Kalbajar once again subjected to fire

FC Bayern mourns Thomas Wilhelmi

Baku hosts 5th meeting of the Russian-Azerbaijani Expert Council

Ancient pig-like animal shows beginnings of mammalian brain evolution

Azerbaijani wrestlers shine at BRICS Sports Games Kazan 2024