Russia Monetary Policy


Central Bank leaves rates unchanged but hints to policy action in near term

At its latest policy meeting on 15 January, the Central Bank left the refinancing rate unchanged at 8.25%, in a move expected by market analysts. Simultaneously, the Central Bank left the overnight deposit rate unchanged at 4.50% and the overnight repurchase rate at 6.50%.

In the accompanying statement, monetary authorities appear more worried regarding price developments, as data available at the time of the meeting showed that inflation is likely to remain above the Central Bank's 5.0%-6.0% target range at the beginning of the year. According to monetary authorities, a prolonged period of time with inflation above the target rage may prompt agents to revise their inflation expectations upwards, even in the absence of demand-pull price pressures.

In the concluding remarks, the Central Bank dropped the reference to the appropriateness of the monetary policy stance in the near future. According to analysts, the change in the phrasing suggests that some policy action is more likely in the coming months.

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Russia Monetary Policy Chart

Russia Monetary Policy January 2013

Note: Refinancing rate in %.
Source: Central Bank of the Russian Federation (CBR).

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