Bank Rossii

A Focus on China and Japan

June 10, 2013

Released Chinese data were not as good as expected. Export growth slowed to a 1.0% on-year pace in May, which was a 10-month low.  Imports were 0.3% lower than in May 2012, and the trade surplus of $20.4 billion was close to expectations. Industrial production growth edged lower to 9.2%. Analysts were predicted 9.3%, same […] 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‚Äôs 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

Russian Monetary Policy Statement

January 15, 2013

A statement released after this month’s interest rate policy meeting at Bank Rossii deleted the following sentence that had been inserted in the December 2012 statement: “Considering recent domestic and international macroeconomic developments the Bank of Russia judges that the current level of money market interest rates is appropriate for the near future.”  This deletion […] More

Central Bank of Russia

December 10, 2012

Bank Rosii reduced the width of its interest rate band by increasing the overnight deposit rate by 25 basis points to 4.5% and cutting the foreign currency swap rate by a similar amount to 6.5%.  The main central bank rate, the 8.25% refinancing rate, was left unchanged.  It’s increase of 25 basis points in mid-September […] More

Bank Rossii: Policy Unchanged

November 12, 2012

Russia’s central bank has changed rates just once this year, a 25-basis point increase of the refinancing rate in September to 8.25% that reversed a similarly-sized cut last December.  The single tightening came in response to concerns that elevated inflation could boost expected inflation and to make sure that didn’t happen.  After the October meeting, […] More

Russian Reserve Requirement Lifted

January 31, 2011

Bank Rossii left its key refinancing rate at 7.75%, its level since June 2010.  The rate had been cut by 425 basis points during 2009 and a further 100 bps over the first five months of 2009.  With economic activity now expanding at about a 4% pace, accelerating inflation has moved to the forefront of […] More