07:08 AM EDT, 07/26/2024 (MT Newswires) -- Russia's central bank (CBR) Friday said its Board of Directors decided to increase the key rate by 200 basis points to 18.00% as inflation accelerated and is developing significantly above CBR's April forecast.

Growth in domestic demand is still outstripping the capabilities to expand the supply of goods and services, wrote the central bank in its policy statement.

Prior to Friday's CBR statement, Commerzban wrote in a note to clients that the median consensus was for a 200bps rate hike.