Russia Monetary Policy


Russia: Central Bank leaves refinancing rate unchanged but raises RRR

March 25, 2011

On 25 March, the Central Bank left the refinancing rate unchanged at 8.00%, while at the same time, lifting the reserve requirement ratio (RRR) on bank deposits. In particular, the Bank raised the RRR on deposits of corporate non-residents by 100 basis points to 5.0%, while the RRR on all other types of deposits was lifted by 50 basis points to 4.0%. The move was in line with expectations. While monetary authorities believe that inflationary pressures are not completely at bay, inflation declined in February, providing a case for the Central Bank to refrain from further tightening the reins. On the other hand, according to market analysts, the decision to raise the RRR was taken in order to fight the continued inflow of capital from abroad and avoid an unwanted appreciation of the rouble.

Author:, Head of Data Solutions

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