The Central Bank announces interest rate decision and keeps it at 14 percent

The Central Bank has decided to keep the interest rate constant at its meeting today. The market expectation was that the interest rate would be kept at 14 percent.

The Central Bank (CBRT) Monetary Policy Board (CBRT) announced its interest rate decision. The board kept the policy interest rate steady at 14 percent.

Thus, the interest rate was kept constant at the sixth PPK meeting in a row. In the surveys conducted before the decision, the expectation of economists was that the CBRT would keep the interest rate constant.

The Bank, on the instructions of the President, had reduced the interest rate from 19 percent to 14 percent in September-December period last year and under the influence of these decisions, the dollar exchange rate had jumped from 8.30 to 18.30, and official consumer inflation from 19 percent to 73 percent.