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US Fed raising base interest rate won’t have strong impact on Russia's economy

June 15, 3:50 UTC+3 MOSCOW

Bloomberg poll revealed that only five of one hundred economists surveyed expected the Fed to maintain the interest rate in the prior range of 0.75-1%

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© Alexander Demyanchuk/TASS

MOSCOW, June 15. /TASS/. The decision of the US Federal Reserve System to raise the base interest rate is predictable and will not have a significant impact on the Russian economy, Russian Finance Minister Anton Siluanov told reporters.

"The decision of the Federal Reserve System is predictable and it will not have a significant impact on the Russian economy, which is resistant to changes on commodity and capital markets. Russia has positive macroeconomic indicators, a strong balance of payments, a stable budget. There are no grounds for capital outflow risk and the ruble remains an attractive currency for investors, including foreign ones," Siluanov said.

On Wednesday, the US Federal Reserve System acting as the national central bank, raised the base interest rate by 25 basis points to 1-1.25%. Experts expected the Fed rate increase.

Bloomberg poll revealed that only five of one hundred economists surveyed expected the Fed to maintain the interest rate in the prior range of 0.75-1%. The rest of the surveyed experts predicted a rate hike by 25 basis points to 1-1.25%.

The Federal Reserve raised the rate previously in March 2017 to 0.75-1% per annum and then kept it at the same level in May.

Eurobonds

The decision of the US Federal Reserve System to raise the base interest rate will not affect Russia's decision to place Eurobonds: 

"The increase of the US interest rates will not affect Russia’s decision to place Eurobonds, the plans to borrow $3 billion on foreign markets have not changed, and we expect foreign investors' interest in our securities. The increase in the Fed rate will have a minimal effect on their yield," Siluanov said.

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