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MOSCOW, Oct 3 - Russia will probably need to keep interest rates high throughout 2024, the Bank of Russia's Deputy Governor Alexei Zabotkin said on Tuesday, addressing the upper house of parliament after the rouble weakened back past 100 to the dollar.
"In the last three months, we have undertaken significant monetary policy tightening, raised the rate to 13%," Zabotkin told the Federation Council."To return inflation to the 4% target, tight monetary policy will probably need to be maintained throughout next year." The Bank of Russia's baseline forecast for the average rate range in 2024 is 11.5-12.5%. The range is seen returning to the neutral 5.5-6.5% in 2026 as inflation eases.
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