The Central Bank raised its key rate again, to 21 percent. This is a record.

Last time the key rate was rising Just over a month ago: from 18% to 19% per annum. The Central Bank attributed this to high inflation.

Let us recall that just a week ago the Minister of Finance Anton Siluanov claimed about the "stabilization of inflation" in Russia. According to Rosstat, it amounted to about 6 percent this year (however, the real consumption basket shows almost 14%).

Experts believe that the rate hike will negatively impact business development, as banks will immediately begin to increase lending rates, increasing the risk of bankruptcy for companies with high debt burdens. Due to the increased cost of borrowing for the population, consumer demand will also decline, leading to increased savings.