Putin's words before the unexpected interest rate announcement: Take into account
The central bank should strive for a "balanced" decision and take into account current "demands", said Russian President Vladimir Putin the day before the central bank went against forecasts and left the key interest rate unchanged, writes Bloomberg.
After the interest rate announcement, the central bank stated that the tighter monetary policy had an effect, but remains open to an increase in February.
At the same time, inflation is rising in the country, and according to Bloomberg, inflation expectations are at their highest level this year.
Russia's shock: Leaving the interest rate unchanged
The Russian central bank unexpectedly leaves the interest rate unchanged at 21 percent. The consensus forecast from Trading Economics was for a 200 basis point increase to 23 percent. The interest rate is at a record level since the increase to 21 percent in October.
After the shock increase to 20 percent immediately after the full-scale invasion of Ukraine, the Russian Central Bank has gradually lowered the interest rate to a low of 7.5 percent, but last summer a new interest rate increase began to current record levels.
The central bank should strive for a "balanced" decision and take into account current "demands", said Russian President Vladimir Putin the day before the central bank went against forecasts and left the key interest rate unchanged, writes Bloomberg.
After the interest rate announcement, the central bank stated that the tighter monetary policy had an effect, but remains open to an increase in February.
At the same time, inflation is rising in the country, and according to Bloomberg, inflation expectations are at their highest level this year.
Russia's shock: Leaving the interest rate unchanged
The Russian central bank unexpectedly leaves the interest rate unchanged at 21 percent. The consensus forecast from Trading Economics was for a 200 basis point increase to 23 percent. The interest rate is at a record level since the increase to 21 percent in October.
After the shock increase to 20 percent immediately after the full-scale invasion of Ukraine, the Russian Central Bank has gradually lowered the interest rate to a low of 7.5 percent, but last summer a new interest rate increase began to current record levels.
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