15 Jun 2015
CBR lowered rates to 11.50%
FXStreet (Edinburgh) - The Russian central bank (CBR) cut its benchmark rate by 100 bp at today’s meeting to 11.50%, matching market consensus.
In fact, the CBR lowered its 1-day repo rate to 12.50% from 13.50%, the 3-month Loans secured by non-marketable assets to 11.75% and the 1-week Repo auctions to 11.50% (key rate). In addition, the central bank left the refinancing rate intact at 8.25%.
The CBR expects consumer prices to rise at an annual pace of 7% by June 2016 and towards 4% by 2017. In the same tone, the bank sees the economy slowing its pace, with the GDP expanding 0.7% during 2016 if crude oil prices manage to regain the $70/bbl, or contracting 1.2% if prices remain near $60/bbl.
In fact, the CBR lowered its 1-day repo rate to 12.50% from 13.50%, the 3-month Loans secured by non-marketable assets to 11.75% and the 1-week Repo auctions to 11.50% (key rate). In addition, the central bank left the refinancing rate intact at 8.25%.
The CBR expects consumer prices to rise at an annual pace of 7% by June 2016 and towards 4% by 2017. In the same tone, the bank sees the economy slowing its pace, with the GDP expanding 0.7% during 2016 if crude oil prices manage to regain the $70/bbl, or contracting 1.2% if prices remain near $60/bbl.