Central Bank Keeps Key Interest Rate Unchanged

Inflation has been slowing this year, but the stability of this trend requires further confirmation, the regulator stated. On April 25, the Board of Directors of the Bank of Russia decided to leave the key rate unchanged at 21%. This marks the fourth consecutive time the Central Bank of the Russian Federation has made such a decision. The rate has remained at its highest historical level since October of last year.

Earlier, Sergey Mironov, head of the SRZP party and a State Duma deputy, stated that his faction would not support the report of Central Bank Governor Elvira Nabiullina in the Duma. According to him, the increase in the key rate is ruining Russian citizens and domestic businesses. "We are heading toward countries like Zimbabwe, Nigeria, and Ghana. For comparison, the key rate in the United States is 4.5%, in Europe—less than 4%, and in China—3%. The Bank of Russia is driving up the rate, slowing down the national economy. And this is happening amid military operations!" the deputy remarked.