Russian monetary policy

The Central Bank of the Russian Federation Reduces Key Interest Rate to 14.0%

March 13, 2015

Following up on a 200-basis point rate cut at the start of February, Russian monetary officials cut the key central bank interest rate by a further 100 basis points.  In response to last years ruble crisis that lifted inflation into double digits, the rate was raised four time between March and November by a total […] More

Central Bank of the Russian Federation

July 25, 2014

There’s no such thing as a free war, and a direct consequence of President Putin’s reckless behavior with neighboring Ukraine has been a weak ruble that’s imported inflation and forced the Russian central bank to tighten monetary policy.  This in turn points to slower economic growth.  The key central bank interest rate was earlier hiked […] More

Another Tightening of Russian Monetary Policy

April 25, 2014

Officials at the Central Bank of the Russian Federation raised their one-week auction rate to 7.5% today and indicated that a cut in coming months is not in the cards.  This tightening of monetary conditions follows a 150-basis point hike on March 3 and comes amid accelerating inflation and a mounting risk of rising inflation […] More

More Dovish Tone in Latest Statement from Central Bank of the Russian Federation

April 2, 2013

The Russian refinancing rate was left unchanged at 8.25%, its level since last September.  In three ways, however, an increased possibility of a cut later in 2013 was conveyed. The central bank’s Board of Directors voted “to reduce effective from 3 April 2013 the interest rates on certain longer-term refinancing operations by 0.25 percentage points.” […] More

Russian Interest Rate Left Unchanged

March 15, 2013

The Bank of Russia’s Board of Directors kept its refinancing rate at 8.25%, the level since a 25-basis point hike last September and also the level prior to a 25-bp cut in December 2011. A statement on Bank Rossii’s web site calls “the current level of money market interest rates appropriate for achieving the balance […] More

Bank Rossii

February 12, 2013

The Bank of Russia’s Board of Directors kept its refinancing rate at 8.25%, the level since a 25-basis point hike last September and also the level prior to a 25-bp cut in December 2011.  A statement from monetary officials notes that CPI inflation of 7.1% currently mostly reflects food price pressures but predicts above-target inflation […] More

Slight Easing Move in Russia

September 14, 2011

Bank Rossii cut its minimum one-day repo rate to 5.25% from 5.5% and narrowed the differential between such and the one day overnight deposit rate to 3.0% by also increasing the latter to 3.25% from 3.0%.  The intent of these actions is to lower money market interest rate volatility and to strike a more appropriate […] More

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