Bank of Russia maintains key rate at 6%

US, WASHINGTON (ORDO NEWS) — The Bank of Russia kept the key rate at 6% per annum after a long cycle of its decline, indicating that in February – March events are developing with a significant deviation from the basic forecast scenario of the Central Bank of the Russian Federation.

This was reported in the press release of the regulator.

“The Board of Directors of the Bank of Russia on March 20, 2020 decided to maintain the key rate at 6.00% per annum. In February – March, events develop with a significant deviation from the basic scenario of the Bank of Russia forecast. This is due to a change in external conditions: the spread of the coronavirus epidemic and a sharp lower oil prices,” said the Central Bank.

It is noted that in the future the Bank of Russia will make decisions at a key rate taking into account the actual and expected dynamics of inflation relative to the target, the development of the economy on the forecast horizon, and also assessing risks from internal and external conditions and the reaction of financial markets to them.

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