Investigators release Gogol-Center artistic director after questioningSociety & Culture May 24, 2:32
London may be among contenders for 2018 FIDE chess world championship — FIDESport May 24, 2:29
Putin begins talks with visiting Philippine leaderRussian Politics & Diplomacy May 24, 0:15
Mechanism of alerting on cyberattacks practically never used by US — spokespersonWorld May 23, 22:19
Putin praises work of Independent Public Anti-Doping CommissionSport May 23, 20:38
Russia needs expanding representation in global sports federations — ministerSport May 23, 20:21
Russian athletes must be trained for Olympics under certain geographic conditions — PutinSport May 23, 19:38
Final charges brought against Russian ex-economy minister UlyukayevBusiness & Economy May 23, 18:59
WADA delegation to visit Moscow this week to help with membership reinstatementSport May 23, 18:48
SOCHI, September 9. /TASS/ The key rate of the Central Bank remains "an anchor" for other money market rates, head of the Central Bank Elvira Nabiullina told a banking forum.
"It is important that in the course of transition to a structural surplus of liquidity, we see that the easing of monetary policy is happening virtually automatically. And the key rate becomes a benchmark for the rates which are applied to investment of funds not fundraising. This change in the role of the key rate is essentially equivalent of its reduction. But the key rate - and I would like to stress this - in any case remains "the anchor" for other money market rates," she said.
Earlier Nabiullina noted that the key rate will not lose its role in the course of transition to a surplus of liquidity.
She said that the Central Bank is to move towards the "new nominal anchor", which focuses on market participants.
The transition to the liquidity surplus will happen when spending from the Reserve Fund exceed the amount of 3% of GDP, according to a financial review on conditions of monetary policy the Central Bank released earlier on Friday.
Earlier, the Central Bank said that it expects the transition to the surplus in November-December 2016.
Russia’s trade balance surplus totaled $6.49 bln in July 2016, according to the data released by the Central Bank on Friday.
Compared with the same period of 2015 ($10.57 bln), in July this year Russia’s trade balance surplus decreased by 60%.
Exports stood at $22.52 bln in July 2016 (a 16.6% decrease year-on-year) while imports amounted to $16.03 bln (a 5.8% decrease year-on-year).
Speaking about the Central Bank’s activities, Nabiullina stated that fighting cybercrime is one of the utmost priorities:
"Fighting cybercrime is the key priority. We should enhance the (financial) system immunity to this type of crimes."