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 in the first half of this year and warns that “staying above the target range for a prolonged period of time poses inflation risks.”  Government officials would like an easier monetary stance in the face of growth that barely exceeded 2% last quarter.

Copyright 2013, Larry Greenberg.  All rights reserved.  No secondary distribution without express permission.

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