Russia Central Bank Keeps Rate On Hold

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Russia’s central bank left its key interest rate unchanged at a record low as widely expected and signaled more easing at next meetings.

The Board of Directors, led by Governor Elvira Nabiullina, on Friday decided to retain the benchmark rate at 4.25 percent.

The bank had reduced the rate by 25 basis points in July and 100 basis points in June.

«If the situation develops in accordance with the baseline forecast, the Bank of Russia will assess the feasibility of further cutting the key rate at the next meetings,» the bank said in a statement.

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Policymakers observed that the situation in the external financial and commodity markets remains unstable and increased volatility is possible in the near future.

In the medium term, disinflationary risks still prevail, but the effect of short-term pro-inflationary factors has increased somewhat, policymakers noted.

According to the bank forecast, annual inflation will be 3.5-4.0 percent in 2021 and will remain close to 4 percent in the future.

The material has been provided by InstaForex Company —

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