Russia Monetary Policy


Central Bank raises refinancing rate for first time in over two years

On 24 February, the Central Bank raised the refinancing rate by 25 basis points to 8.00%, marking the first refinancing rate hike since December 2008. The move represents a further tightening of monetary policy, following last December's decision to raise the overnight deposit rate. The Bank's move surprised market analysts, who had expected monetary authorities to raise the deposit rate but leave the refinancing rate unchanged. In addition, the Central Bank lifted the reserve requirement ratio (RRR) on banks' deposits. In particular, the RRR on deposits of corporate non-residents was raised by 100 basis points to 4.5%, while the RRR on all other types of deposits was raised by 50 basis points to 3.5%.

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