Bank of Russia’s Interest Rate Left at 9.0%

July 28, 2017

The interest rate previously had been cut this year by 25 basis points in March, 50 bps in April and 25 bps in June, but a released statement observes “The decline of inflation expectations has come to a halt, consistent with predictions, in response to price movements in a number of products and services. In order to maintain inflation close to the 4% target, the Bank of Russia will continue to conduct moderately tight monetary policy.” Officials point out that inflation is close to target and that economic activity is rebounding. Inflation expectations are being monitored closely and will be an important guide for future policy decisions.

Copyright 2017, Larry Greenberg. All rights reserved. No secondary distribution without express permission.

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