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Russia’s Central Bank to keep interest rate at 11% due to seasonal volatility — expert

January 20, 18:10 UTC+3 MOSCOW
December and January are traditionally the months with biggest speculative operations on the forex market, President of OPORA-Russia Alexander Kalinin says
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© Artyom Korotayev/TASS

MOSCOW, January 20. /TASS/. Russia’s Central Bank may keep its key interest rate at 11% per annum due to volatility on the forex markets traditional for December-January period, President of OPORA-Russia Alexander Kalinin said on Wednesday.

"Obviously reduction is necessary in future. Another issue is whether it’s necessary in January as December and January are traditionally the months with biggest speculative operations on the forex market, so particularly in January I would honestly keep the rate unchanged," he said, adding that he expects the key rate to be reduced in spring.

In mid-2015, Russia’s Central Bank took a break after lowering the key rate (the rate of weekly repo) several times in a row. Currently, the key rate is 1%. At the same time the regulator gave a signal to the market that it would further cut the key rate at one of its next 3 meetings. The next meeting of its board of directors will be held on January 29. All the rates in the economy, including rates on loans given to small and medium-sized businesses, depend on the key rate set by the Central Bank.

 

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