The key rate again remained at the level of 16% per annum
The Board of Directors of the Bank of Russia decided to keep the key rate at 16.00% per annum (for the fourth time in a row).
The Central Bank reports that the current rate of price growth has stopped decreasing and remains near the values of the first quarter of 2024. The growth of domestic demand continues to significantly outpace the possibilities of expanding the supply of goods and services. The Bank of Russia admits the possibility of raising the key rate at the next meeting. At the same time, returning inflation to the target will require a significantly longer period of maintaining tight monetary conditions in the economy than predicted in April. According to the forecast of the Bank of Russia, taking into account the current monetary policy, annual inflation will return to the target in 2025 and will be near 4% in the future.
On June 20, 2024, the Bank of Russia will publish a Summary of the key rate discussion.
The next meeting of the Board of Directors of the Central Bank of the Russian Federation, which will consider the issue of the level of the key rate, is scheduled for July 26, 2024.
The amount of the key rate is important when charging penalties to customers and suppliers for late fulfillment of obligations under the contract in accordance with part 5 and part 7 of Article 34 of Law No. 44-FZ.
In addition, the key rate is applied in the calculation:
- penalties for taxes, fees, contributions;
- compensation for delayed salaries and other payments due to the employee;
- interest on the use of other people 's money , etc .
Document: Information message of the Bank of Russia dated June 7, 2024.
The photo is taken from https://ru.freepik.com/popular-photos.