Russian Monetary Policy Left Unchanged

August 4, 2011

Bank Rossii kept its refinancing rate and deposit rates steady at 8.25% and 3.5%, respectively, today.  After the last meeting a month ago, there had been some speculation that officials might tighten further, but global circumstances are too precarious now.  The refinancing rate was reduced by 525 basis points in 2009-10, the last move being in June 2010.  This year saw such lifted twice, in late February and late April, by 25 basis points apiece.  The deposit rate was increased, also by 25 basis points, in late May.

Copyright 2011, Larry Greenberg.  All rights reserved.  No secondary distribution without express permission.



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