Feb 19, 2021
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The Bank of Russia does not exclude an increase in the key rate in 2021

The Central Bank does not exclude an increase in the key rate already this year, if the economy has time to fully recover, the head of the regulator Elvira Nabiullina told RIA Novosti.

The rate may decrease only if disinflation factors prevail, however, according to Nabiullina, there are currently no such risks.

It is also noted that in 2020, the Central Bank of the Russian Federation, in order to mitigate the consequences of the COVID-19 pandemic, for the first time introduced a stimulating monetary policy, bringing the rate to 4.25% per annum, which is a historical minimum. In 2021, when many “coronavirus” restrictions have been lifted, the regulator has taken a course to raise the rate. According to the head of the Central Bank, in the next three years, the key rate will be returned to the neutral range of 5-6%.

Earlier it was reported that the Central Bank of the Russian Federation considers it necessary to introduce legislative regulation of floating interest rates on loans to individuals. Banks are interested in effectively managing their interest rate risk, Nabibullina explained, but it would be completely wrong to shift it onto borrowers – individuals, especially for long-term loans.

The Central Bank also proposes to expand the criteria for preferential mortgages for young families. In particular, the head of the regulator put forward the idea of ​​subsidizing rates “depending on the number of children.”

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