OFZ: A renaissance or temporary rebounding?
smartmoney.oneSource: MSCI, ITI CapitalSource: MSCI, ITI CapitalOn 23 July, the Bank of Russia increased interest rates by the most since 2014.The benchmark rate was raised by a full percentage point to 6.5%, matching the rate of inflation.
The move was driven by a significant upward deviation of inflation from the target (4%) and the impact of persistent inflation factors amid rapid demand recovery.Following the fourth rate hike in the current cycle of policy normalisation, which started in March 2021, the rates increased by a total of 225 bps so far this year.Now the key rate stands at the level last seen in the autumn of 2019.