Russia Monetary Policy


Central Bank keeps rates unchanged

On 9 April, 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%. Monetary authorities, however, introduced a 1-week deposit auction facility, with a maximum rate of 4.75%, which will be operational on 10 April. The measure provides the Central Bank with a further instrument to reduce volatility in short-term interest rates. Price pressures remained subdued in recent months, with inflation comfortably sitting at post-Soviet era historic lows, thus providing the Central Bank leeway to maintain an accommodative stance. According to monetary authorities, however, inflation will pick up going forward, on the back of planned increases in regulated prices and tariffs, which had been delayed by the Russian authorities ahead of March elections and which will be eventually implemented in July. The Central Bank stated that the current monetary policy setting is acceptable for the coming months.

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