The Bank of Russia may continue to increase the key rate, according to Andrey Kostin, CEO of VTB Bank. In an interview with news outlet RBC (TSX:RY), on the brink of the Eastern Economic Forum, Kostin indicated that a further rise in the key rate should not be dismissed. "Representatives of the Central Bank have already stated that," he added, underscoring the central bank's previous communications on the matter.
The next meeting of the Board of Directors of the Bank of Russia is scheduled for September 15. It was at an extraordinary Board meeting on August 15 that the Central Bank decided to raise the key rate from 8.5% to 12%. This move indicates a continued trend towards tightening monetary policy in response to economic conditions.
In other related news, Sberbank Russia has detected a new fraudulent scheme involving smartphone applications. This information was disclosed by Stanislav Kuznetsov, Deputy Chairman of Sberbank Russia, during the Eastern Economic Forum on Sunday. According to Kuznetsov, fraudsters have created applications named "Sberbank Russia 2.0" and "Support of Sberbank Russia" which enable remote access to users' smartphones. The fraudsters call clients pretending to be representatives from Sberbank Russia and convince them to install these applications. Once installed, the fraudsters are able to gain unauthorized access to the users' devices.
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