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“The Central Bank’s decision to raise the rate to 17% is a forced one but correct decision in the current conditions,” Kudrin wrote in his Twitter account.
Russia’s Central Bank took a decision early on Tuesday to hike the key rate determining the borrowing cost for commercial banks to 17% from 10.5%
Simultaneously, the regulator increased the limits of foreign currency repo auctions for a term of 28 days to $5 billion from $1.5 billion. The regulator will also hold similar auctions for a term of 12 months every week. The Central Bank will provide loans against non-market assets for a term of 2 to 549 days at a floating rate comprising the key rate plus 1.75%
The regulator said in a statement its decision to increase borrowing costs for commercial banks was prompted by the need to restrain devaluation and inflationary risks that had sharply increased lately.