Bank of Russia to keep benchmark rate at 16% on Friday, tighten rhetoric: Reuters poll

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Bank of Russia to keep benchmark rate at 16% on Friday, tighten rhetoric: Reuters poll
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Making Phyllo Parcels with a Greek Yaya | SaltWire #halifaxnovascotia #greekfood #cookingMOSCOW - The Bank of Russia is likely to keep its benchmark interest rate at 16% on Friday but tighten its rhetoric, a Reuters poll showed on Monday, although a quarter of economists leaned towards a hike as the bank grapples with stubborn inflation.

"Borrowers should be prepared for money in the economy to remain expensive for a long time and probably, that it will get even more expensive." Analysts' year-end inflation forecast rose to 5.6% from 5.4% in early May, still higher than the central bank's target figure. Annual inflation stood at 7.4% in 2023, down from 11.9% in 2022.

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