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against 66.3bn rubles ($693.63mn) as of June 30, 2022. The group's assets amounted to 1.75 trillion rubles ($18.3bn), increasing by 9% over six months.
8.2 Central Bank policy rate
On July 27, the Bank of Russia raised its key rate by 100 basis points to 8.5%. The Bank noted that production is not meeting the increase in domestic demand, which has added to inflationary pressure.
Inflation has started to rise again on the back of the tumbling value of the ruble. It is expected to top 6% by the end of the year before falling back to the CBR’s target rate of 4% next year.
However, more recently the CBR has begun to sound more pessimistic on the inflation outlook, which could go higher for longer.
RUSSIA Country Report September 2023 www.intellinews.com