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Russia’s CBR to take into account cheaper ruble in decision on interest rates

February 04, 2014, 17:51 UTC+3 MOSCOW

A meeting of the CBR’s Board of Directors devoted to monetary policy is due on February 14

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Central Bank of Russia (CBR)

Central Bank of Russia (CBR)

© ITAR-TASS/Sergei Bobylev

MOSCOW, February 04. /ITAR-TASS/. The Central Bank of Russia (CBR) will take into account the factor of cheaper ruble along with other factors in taking a decision on interest rates, CBR’s First Deputy Chairperson Ksenia Yudayeva told Itar-Tass on Tuesday.

“In our case the decision on interest rates is taken proceeding from complex survey of economic situation, on labor market, inflation and inflation forecasts,” she said, noting that “ruble exchange rate fluctuations affect the prices of some goods and inflation forecasts.” “We will take into account these factors along with other factors in taking decisions on interest rates,” Yudayeva noted.

Commenting on the decision of the central banks in several developing countries that raised the interest rates to smooth over falling exchange rates of national currencies, Yudayeva said, “These are countries that do not have other possibilities to influence the exchange rate most frequently.”

A meeting of the CBR’s Board of Directors devoted to monetary policy that will be the first one this year is due on February 14.

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