On 15 December 2023, the Russian Central Bank (CBR) announced the decision to increase the key rate from 15% to 16% in an effort to combat rapidly rising inflation. The Central Bank of Russia utilizes its key interest rate to determine interest deductions and late payment charges related to overdue taxes. Despite ongoing inflation concerns, the central bank expects 2023 inflation to come close to the high end of its 7.0–7.5% forecast range.
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