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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    

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