Bank Rossii Refinancing Rate Left Unchanged at 8.25%

October 7, 2012

There was no follow-up Russian interest rate move this month.  A 25-basis point interest rate hike in September was the first change of 2012, and a statement after this month’s policy meeting last Friday noted that inflation rose to 6.6% last month, more than a half percentage point above target.  Officials promised to “continue to monitor inflation risks, including global food price dynamics, global economic developments and the consequences of the monetary conditions tightening for the Russian economy. In making monetary policy decisions the Bank of Russia will be guided by medium-term inflation goals and economic growth prospects, as well as the dynamics of inflation expectations.”  The next change is likely to be another rate hike, and it seems likely to happen sooner rather than later.

Copyright 2012, Larry Greenberg.  All rights reserved.  No secondary distribution without express permission.

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