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Putin: Central Bank of Russia is consistent in holding back inflation with monetary policy measures

Bank of Russia is consistently holding back inflation by its monetary policy means, stated Russian President Vladimir Putin.

«In monetary policy, the Bank of Russia is staying on its course of inflation control, timely and consistent regulation of the banking sphere», said Putin at the VTB Capital forum «RUSSIA CALLING!».

As of November 22, annual inflation in Russia slowed down to 8.06% from 8.10% on November 15, 8.07% on November 8, 8.14% on November 1 and 8.13% in late October.

According to Central Bank, inflation at the end of 2021 will total at 7.4-7.9%, slowing down to 4-4.5% in 2022.

Central Bank key rate has increased by 3.25 percentage points (p.p.) since the beginning of this year. The regulator made the first step towards monetary policy normalization in March 2021, increasing the rate by 25 b.p. — up to 4.5% from the historical minimum of 4.25%. In April, Central Bank increased it further by 50 b.p. — up to 5,0%, in June by another 50 b.p. The new rate of increase in June was another 50 b.p. to 5.50%, in July by 100 b.p. — to 6.50% in July, 25 b.p. in September- to 6.75%, in October — immediately by 75 b.p. — to 7.50%.