The Bank of Russia raises the key rate to 21% per annum
The Board of Directors of the Bank of Russia decided to raise the key rate to 21.00% per annum.
The Central Bank explains this by the fact that inflation is significantly higher than the July forecast of the Bank of Russia: annual inflation, estimated on October 21, was 8.4% and by the end of 2024 is expected in the range of 8.0-8.5%.
The bank raised the forecast for the average key rate for 2025 to 17.0-20.0%.
On November 6, 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 December 20, 2024.
The size of the key rate is important when charging penalties to customers and suppliers for late fulfillment of obligations under the contract in accordance with Parts 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 .
Information message of the Bank of Russia dated October 25, 2024