Russia Monetary Policy


Central Bank keeps rates unchanged

At its policy meeting on 10 May, the Central Bank kept the refinancing rate unchanged at 8.00%, in a move that was largely expected by market analysts. In addition, the Central Bank left both the overnight deposit rate unchanged at 4.00% and the overnight repurchase rate at 5.25%. Inflation remains subdued and is comfortably sitting at post-Soviet era historic lows. However, according to the Central Bank, inflation is expected to creep up in the second half of the year, as planned increases in regulated prices and tariffs, which had been delayed by the Russian authorities ahead of the March elections, will come into effect in July. Despite the increases in the following months, the Bank still expects inflation to end the year within its 5.0%-6.0% target range.

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