World War II through the lens of TASS' legendary photographerSociety & Culture March 23, 15:20
Ukraine’s top military brass labels blasts at ammo depot as ‘act of sabotage’World March 23, 14:41
Killer of former Russian MP now in hospital under police protectionWorld March 23, 14:31
Kremlin denies any involvement in Manafort-Deripaska contactsRussian Politics & Diplomacy March 23, 14:26
Former member of Russia’s State Duma gunned down in KievWorld March 23, 13:42
Putin says Russian-Chinese ties reached unprecedentedly high levelRussian Politics & Diplomacy March 23, 13:40
Lavrov says Russian-US relations in ‘stand-by mode’ for nowRussian Politics & Diplomacy March 23, 13:00
Press review: Kiev bans disabled Eurovision singer and Russia's arms sales skyrocketPress Review March 23, 13:00
Russian ground forces may get new small-range air defense system by 2030Military & Defense March 23, 12:54
MOSCOW, March 03. /ITAR-TASS/. The Bank of Russia has temporarily raised the key rate from the current 5.5% to 7.0% per annum, the regulator announced in a press release on Monday.
The decision is to prevent the inflation and financial stability’s risks caused by recent higher volatility at financial markets.
The earlier key rate of 5.5% per annum was established on February 14, 2014. A key rate is a weekly repo loan rate.
On February 14, 2014, head of the Russian central bank Elvira Nabiullina did not rule out “the central bank will toughen the monetary policy in case of realistic negative inflation expectations.” She said then that several emerging countries — Turkey, the South African Republic, and India — had raised their key rates to stop weakening national currencies. “Effect from such decisions is not straightforward,” she said. Russia’s economic growth is very slow and higher rates could affect the growth dynamics, she explained. “At present, we do not see possible easing of the monetary policy, though everything will develop on how the situation develops,” she said back in February.