Bank of Russia Keeps Interest Rate Steady at 10.5%
July 29, 2016
The Bank of Russia had reduced the rate in June, but according to its new statement, a paused decline in expected inflation led officials not to cut further this time. The statement, however, leaves the door open to more rate relief if, as they expect, inflation actually continues to decline. The 4% target is expected to be achieved by late 2017. From 17% at start of 2015, the central bank implemented 600 basis points of ease by the end of July.
Copyright 2016, Larry Greenberg. All rights reserved. No secondary distribution without express permission.
Tags: Bank of Russia
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