On Friday, July 21, 2023, the Russian central bank raised the key interest rate by 100 basis points to 8.5%. Reasons for the rate hike are the fall in value of the ruble and rising inflation expectations. The central bank expects inflation to land at 5.0% to 6.5% this year and not return to the 4% target until 2024. Against this background, the monetary watchdogs are not ruling out a further increase in the key interest rate in the foreseeable future.