Russia
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
