Titov compared the increase in the rate of the Central Bank with an antibiotic and side effects

Boris Titov

A sharp increase in the key rate by the Central Bank is similar to a Doctor's decision to prescribe antibiotics to a patient , but side effects are inevitable, business ombudsman Boris Titov said.

“The Central Bank raised the key rate more than expected. Now 12%. Trying to crush the disease , the doctor hastily injected a double dose of an antibiotic, but any antibiotic has side effects, ”the press service said in a statement received by RBC.

“The new rate puts an end to the development of the debt market, to the creation of new sources of financing for investment projects. At least for a while, ”Titov believes.

The Ombudsman believes that with the help of this decision, the Central Bank will be able to “slightly press down” the Dollar and euro exchange rates against the ruble, but inflation “will be fueled from the other side.”

The most obvious consequence of this decision is the rise in the cost of mortgages, Titov predicted, and due to the large volumes of unsold housing from developers, "IT is possible that a crisis is brewing in the industry."

“We respond to momentary problems, albeit very sensitive ones. But we are not laying the foundation for the future, we are not creating the ground for a truly self-sufficient economy,” Titov said.

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On the morning of August 15, the Central Bank held an unscheduled meeting of the board of directors, at which it unexpectedly raised the key rate to 12%. At the same time, the regulator warned that a further increase in the key rate is possible in case of increased pro-inflationary risks.

“The Bank of Russia will make further decisions on the key rate based on the extent to which the actual and expected inflation dynamics relative to the target, the process of economic restructuring, as well as risks from internal and external conditions and the reaction of financial markets to them will be able to further increase the risk upward deviations of inflation from the target near 4% in 2024,” the report says.

On the eve of this decision, the dollar exchange rate on the Moscow Exchange exceeded 100 rubles, and then rose above 101 rubles. At the moment , the ruble became cheaper than the American cent. In relation to the euro, the ruble crossed the mark of 110, and against the yuan it traded at the level of 14 rubles.