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US Federal Reserve decision on interest rate will indirectly impact Russian economy — VTB

June 16, 9:16 UTC+3
The US Federal Reserve System acting as the national central bank kept the base interest rate unchanged at 0.25-0.5% on June 15, 2016
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© AP Photo/Matt Rourke, File

ST. PETERSBURG, June 16. /TASS/. The decision of the US Federal Reserve to keep the interest rate unchanged was expected and will indirectly impact the Russian economy, Deputy Chief Executive Officer of Russia’s second-biggest lender VTB Herbert Moos told TASS Thursday.

"That was an expected decision. This year may see another rate hike, and that is all I think. Our colleagues from American banks do not consider the (current) situation to be positive for the U.S. economy as lending is stagnating. I don’t see any signs of the Federal Reserve’s intention to raise rates," he said, adding that "this will indirectly impact the Russian market" and "probably may even be positive" for Russia.

The US Federal Reserve System acting as the national central bank kept the base interest rate unchanged at 0.25-0.5% on June 15, 2016. It also implied two rate hike rounds may be expected later this year.

The Federal Reserve System also downgraded its economic growth forecast for the United States for 2016 and 2017 - to 2% of GDP growth per year.

According to the Russian Central Bank, the Federal Reserve System will be slowly raising the rates and this year may see one or two hikes. The regulator’s Chief said last week the hikes may negatively impact commodity futures.

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