Russia Monetary Policy


Russia: Central Bank holds interest rates steady for a third consecutive month

August 4, 2011

On 4 August, the Central Bank left the refinancing rate unchanged at 8.25%, in a move which was widely expected by market analysts. The decision marks the third consecutive month that the Central Bank has refrained from tightening the reins of monetary policy. The continued moderation in consumer prices provided a strong rationale for the decision, as inflation dropped from 9.4% in June to 9.0% in July, mainly on the back of declining food prices. The result represented a second consecutive month of declining inflation and marked the lowest level since the beginning of the year. In the statement accompanying the decision, the Central Bank noted that inflationary pressures will further ease going forward, as a favourably-forecasted harvest contributes to moderation in cereal prices. The Central Bank also highlighted risks to domestic economic growth, stemming from the international economic outlook and weakening global economic growth. Accordingly, the Central Bank convened that the current policy stance provides a balance between avoiding an increase in inflation and supporting economic growth in the coming months.

Author:, Head of Data Solutions

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