Russia and Vietnam Get Tighter Monetary Policies

April 29, 2011

Russia and Vietnam have been coping with very elevated inflation even by the standards of mounting commodity-fueled price pressures found in most countries these day.  Today, the State Bank of Vietnam lifted its seven-day refinancing rate to 14% from 13%, the fourth hike of a percentage point so far this year.  Vietnam’s discount rate also […] More

Russian Monetary Policy Tightened: Refi Rate and Reserve Requirement Both Raised

February 25, 2011

Bank Rossii today escalated its attack on inflation.  Propelled mostly by higher food costs, the 12-month rate of CPI inflation had risen to 9.6% in January from 8.8% in December, 8.1% in November, 7.5% in October, 7.0% in September, 6.1% in August and 5.5% in July.  The medium-term inflation goal is 7%. Central Bank officials […] More

No Change in Russia’s 7.75% Refinancing Rate

September 29, 2010

The Bank of Russia left its benchmark rate unchanged in spite of an acceleration of inflation to a 12-month pace of 6.7% in September from 6.1% in August, further ruble depreciation and some evidence of a rise in inflation expectations.  The bank’s decision was anticipated by analysts.  Policy continues to be oriented toward the promotion […] More

Russian Key Interest Rate Left Unchanged at 7.75%

August 31, 2010

Bank Rossii left the Russian refinancing rate at a record low of 7.75%.  It has been at that level since a 25-basis point cut effective last June 1st.  From April 2009 until then, there were fourteen reductions totaling 475 basis points.  Consumer price inflation of 5.5% in the year to July was less than half […] More

Interest Rate Decisions in Hungary and Russia

May 31, 2010

Hungary’s key interest rate was not cut further.  A streak of ten consecutive monthly policy rate reductions by the Magyar Nemzeti Bank was interrupted in May as analysts thought would happen.  The 5.25% rate level remains 425 basis points lower than such was in mid-2009 and down 625 basis points since a peak in late […] More

Rate Decisions in Russia and Colombia

March 26, 2010

Bank Rossii implemented another 25-basis point cut of its one- and seven-day repo rates, this time to 7.25%, and its refinancing rate to 8.25%.  These were the twelfth cuts since April 2009.  The last one had been announced February 19.  As an oil exporter, Russia experienced a very severe economic contraction but has benefited from […] More