After a long pause, the Bank of Russia raised the key rate by 1 percentage point. Until mid-September, it will be 8.5% per annum. Half of the rate increase is “unplayable” — the Central Bank’s estimate of its neutral level has been raised by 50 percentage points. This is less than expected, monetary policy remains tight, but the chances for a further significant increase in the value of money in the economy, despite the Central Bank’s aggressive rhetoric, are decreasing — as follows from the forecasts of the Bank of Russia, the period of high demand in the economy, outpacing supply opportunities, will not be too long.