After a rate-setting meeting held by the Bank of Russia’s board of directors on Friday July 12, the regulator decided to leave unchanged the refinancing rate and rates on CBR operations, taking into account the inflation risks and the economy growth prospectives.
CBR pointed out that it will keep on monitoring the inflation risks and economy slowing risks. The regulator’s decisions will depend on the inflation targets and on the economy growth prospectives estimates.
The Friday CBR board of directors council has become the initial one for its new head, Elvira Nabiullina. The next sitting on the monetary policy is planned on August 9.
The last time the Bank of Russia changed its key interest rate was in September 2012, lifting it by 0.25% up to 8.25%. During its sitting in June, the regulator has retained the key interest rates, taking into account the inflation rates which reached a maximum of 21 months, thus reducing the mid-term refinancing costs for the third time in a row.
