Since September 18, the Central Bank has increased the key rate to 13% per annum
The Board of Directors of the Bank of Russia decided to raise the key rate by 100 basis points to 13.00% per annum. This is the second rate increase in the last month: since August 15, the rate has been increased unscheduled to 12% per annum.
Inflationary pressure in the Russian economy remains high. According to the updated forecast of the Bank of Russia, by the end of 2023, annual inflation will be in the range of 6.0 - 7.0%. Taking into account the current monetary policy, annual inflation will return to 4% in 2024 and will be near 4% in the future.
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 October 27, 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
and more.
Document: Information message of the Bank of Russia dated September 15, 2023