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:

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:

The Best Russian Banks by Forbes
Tinkoff Bank - the Best Online Retail Bank
The Most Popular Online Services for Entrepreneurs
The AliExpress and Tmall Plan to Sell Limited Collections of Russian Designers
Eco-friendly Transportation Campaign

Comment on our site

RSS   twitter   facebook   submit

Bookmark and Share

search on the map
Central Museum of Musical Culture  Russian Booker  E621  Housing  Zaryadye  Fyodor Cherenkov  Russian Composers  Maria Sharapova  Festivals in Moscow  Robots  Woodwork  Great Patriotic War  Resources  Belorussky Railway Station  travel to Russia  EU sanctions  International space station  Festivals in Saint Petersburg  international cooperation  Sokolniki Park  scientists  international reserves  Chelyabinsk Region  Nafta Moskva  St. Petersburg  accident  Kantemir  Vladimir Volodin  Apocalypses  Russian tourism  Musical Theatres  St. Petersburg Museums  Summer City Festival  Exhibitions in Moscow  Russian universities  Violeta Ruiz  Film Festivals  Moscow  Elections 2012  Mercedes-Benz Fashion Week Russia  Christmas  Intel  Russian Cinema  Russian business  Birchbark Handicraft  Russia international  places to visit in Russia  Moisey Feigin  Ivan Yefremov  Russian regions 

Travel Blogs
Top Traveling Sites