In a written statement from the Central Bank of Russia, it was stated that the bank held an extraordinary meeting on the interest rate.
As a result of the meeting, it was stated that the decision to increase the policy interest rate by 350 basis points to 12 percent was taken, and it was noted that the decision aimed to limit the dangers to price stability.
In the statement, which was informed that the inflation pressure increased and the annual inflation rate was at the level of 4.4 percent as of August 7, it was stated that the rate of price increase also increased.
It was stated in the statement that the domestic demand exceeded the production capacity and this situation increased the import demand, and it was noted that the Russian ruble also lost value because of this.
In the statement, it was emphasized that the bank could take additional decisions regarding the interest rate in order to reach the inflation target of 4 percent for 2024.
While the dollar/ruble parity exceeded the level of 100 for the first time since March 28, 2022 yesterday, it fell below the level of 96 after the Central Bank of Russia announced that it would hold an extraordinary meeting.