The increase in the key rate is not the main factor influencing the growth of inflation.
The head of the Bank of Russia, Elvira Nabiullina, denied the opinion that increasing the key rate accelerates inflation.
She noted that the impact of the rate on inflation has not changed, RIA Novosti writes.
The head of the Central Bank confirmed that Russian companies have indeed begun to pay more interest.
However, these interest expenses represent only 5% of their total costs, based on an analysis of 300,000 businesses.
Many companies use their own profits for development instead of loans.
Nabiullina stated that effective companies need loans to expand their business.
The Central Bank emphasizes that the impact of the key rate on inflation is a complex issue.
Despite the rate increase to 12%, it is not the main driver of inflation.
Author: Elena Gutyro
