From July 24, the key rate is 8.5%

25 July 2023, Tuesday

The Board of Directors of the Bank of Russia decided to raise the key rate by 100 basis points to 8.50% per annum. The Bank of Russia admits the possibility of a further increase in the key rate at the next meetings. According to the Central Bank's forecast, annual inflation will be 5.0-6.5% in 2023 and will return to 4% in 2024.

The next meeting of the Board of Directors of the Central Bank of the Russian Federation, at which the issue of the level of the key rate will be considered, is scheduled for September 15, 2023.

Recall that the size of the key rate is important when charging customers and suppliers penalties for late performance of obligations under the contract in accordance with Part 5 and part 7 of Article 34 of Federal Law No. 44.

In addition, the key rate is applied when calculating:

- penalties for taxes, fees, contributions;

- compensation for delayed wages and other payments due to the employee;

- interest for the use of other people's money 

, etc.

Document: Information message of the Bank of Russia dated July 21, 2023