The Central Bank stated that it was the tough PREP that strengthened the ruble.

16:45; 12 May 2025 year

On April 25, the Bank of Russia kept its key rate at 21% per annum. According to the majority of participants in the meeting of the Board of Directors of the Central Bank, the strengthening of the ruble is primarily due to the tight monetary policy of the regulator, the summary of the key rate discussion says.

At the same time, it was noted at the meeting that the ruble exchange rate was influenced by two main factors: a decrease in import demand and an increase in interest in Russian assets due to a high rate differential (a significant excess of interest rates in Russia compared to other countries).

Although some participants in the discussion pointed to the possible impact of expectations of an improvement in the geopolitical situation, most experts agreed that tight monetary policy was the determining factor in the strengthening of the ruble. At the same time, it is noted that even without taking into account the impact of the ruble exchange rate, the price growth rate decreased in the first quarter of this year.

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