The CBR did not change the key rate and kept it at 6.0% per annum. This was reported on the official website of the regulator.
At the same time, the Central Bank of the Russian Federation notes that in February – March events develop with a significant deviation from the base scenario of the bank’s forecast due to the coronavirus epidemic and a sharp drop in oil prices.
The weakening ruble at the Central Bank is considered a temporary inflationary factor. “Under his influence, annual inflation may exceed the target level this year. However, a significant restraining effect on inflation will be exerted by the dynamics of internal and external demand, which is associated with a pronounced slowdown in global economic growth and increased uncertainty” – the regulator said in a statement. According to the forecast of the Central Bank of the Russian Federation, annual inflation will return to 4% in 2021.
The next meeting of the Board of Directors of the Central Bank of the Russian Federation, which will consider the issue of the key rate level, is scheduled for April 24, 2020.