Add to favorite
 
Subscribe to our Newsletters Subscribe to our Newsletters Get Daily Updates RSS

Bank of Russia Ups Key Rate
2.11.2014 10:10
Bank of Russia Ups Key Rate
Photo Credit: http://banknewsinworld.blogspot.com

On 31 October 2014 the Bank of Russia decided to raise its key rate to 9.5 percent. The move was approved by the Board of Directors due to “significant changes in external conditions” in September-October, including a drastic fall in oil prices and tougher sanctions imposed by the West against several large Russian corporations. The past two months saw the ruble depreciating rapidly and coupled with the August food embargo further accelerated consumer prices.

      According to the Bank of Russia estimates, “inflation will remain above 8 percent till the end of 2014 and in 2015 Q1.

      “Continuing high growth of consumer price will result in persistent increase in inflation expectations creating additional inflation risks. The Bank of Russia will continue to take measures aimed at slowing down consumer prices growth to the target of 4% in the medium run,” said a statement on the bank’s official website.

      The Bank of Russia or the Central Bank of the Russian Federation (CBR) is independent of federal and local government and is the institution which issues the Russian currency – the rouble – and is responsible for its stability and circulation. The central bank is also responsible for defining and implementing national monetary policy. This happens in collaboration with the Russian government. The key rate is an important tool to influence interbank interest rates and with that the level of inflation. Another important task is to supervise Russian financial instructions and issue or retract banking licences.

       




Author: Mikhail Vesely

Tags: Russian rouble Russian economy    

Next Previous


You might also find interesting:

Export Duty on Oil will be Gradually Reduced to Zero
02.08.2018
The State Duma has Permitted to Pay Taxes on Land, Property and Transport in Advance
03.08.2018
The Tax Code will be Supplemented by the Chapters on Non-tax Payments
05.10.2018
The Best Varieties of Russian Sparkling Wine
21.01.2019
Russian Crowdfunding Market Grew by 34% during 2018
25.03.2019







Comment on our site


RSS   twitter   facebook   submit

Bookmark and Share

search on the map
TAGS:
Swimming pool  Russian models  tours to Russia  Moscow  Russian Cinema  satellite  Russian business  George Garanian  Ishim  freedom of press in Russia  Watermelon Festival  Lola Lonli  St. Petersburg  Russian history  Yemelyan Pugachyov  Exhibitions in Moscow  music  Vegetarianism  Russian souvenirs  Tchebarkul  Russian singers  St. Petersburg Museums  Kaliningrad  Russian art  Nizhniy Tagil  Astrakhan  animation  Rosneft  Russian Literature  interview  Festivals in Moscow  Russian tourism  Classical Music  Travel   Buranovskiye Babushki  3D Shows  Maria Galina  Altai  Heroism   Vasily Chapayev  Yaroslav Mudry  Mercedes-Benz Fashion Week Russia  Moscow Kremlin   Russian artists  Bolotnaya  Vladimir Mayakovsky  Kostroma  Chukotka  Max Haaze  US sanctions 


Travel Blogs
Top Traveling Sites