On 13 September 2024, the Bank of Russia Board of Directors decided to increase the key rate by 100 basis points to 19.00% per annum, according to the Bank of Russia, Paralel.Az's Moscow correspondent reports.

The Bank noted that current inflationary pressures remain high.

"By the end of 2024, annual inflation is likely to exceed the July forecast range of 6.5–7.0%. Growth in domestic demand is still significantly outstripping the capabilities to expand the supply of goods and services. Further tightening of monetary policy is required to resume the disinflation process, reduce inflation expectations, and ensure the return of inflation to the target in 2025. The Bank of Russia holds open the prospect of increasing the key rate at its upcoming meeting. According to the Bank of Russia’s forecast, given the monetary policy stance, annual inflation will decline to 4.0–4.5% in 2025 and stay close to 4% further on," the Bank's statement read.