Despite the expectations of economists, in the first this year meeting of the Board of Directors of the Central Bank decided not to change its key interest rate. His position in the Bank of Russia is explained by the stabilization of the growth rate of consumer prices.
MOSCOW, 29 Jan. The Bank of Russia has again decided to keep its key rate unchanged at 11% per annum, according to a press release of the regulator.
This is the first meeting of the Board of Directors on interest rate policy this year. Last year the Bank of Russia gradually cut the rate. However, in the meeting of 11th September, the regulator for the first time since the beginning of the year has left it unchanged since August, she “stiffened” at 11% per annum.
“The Board of Directors of the Bank of Russia on 29 January 2016, has decided to keep its key rate unchanged at 11.00% per annum. Amid a new wave of decline in oil price monthly growth rate in consumer prices stabilized at a high level. Increased risk of accelerating inflation. The deterioration of the situation on the world commodity markets will require further adaptation of the Russian economy”, — stated in the message.
Interviewed analysts speculated that the ruble, updating the YTD historical lows against dollar and Euro, will not allow the Bank of Russia and this time to hold the promised easing of monetary policy, moreover, may force the regulator to toughen its rhetoric.
The national currency, depreciating by 5%, creates preconditions for increase of consumer prices and inflationary expectations, which will stop the Central Bank from lowering the rates, despite the positive statistics on inflation in January, experts said. According to most economists, the monetary policy easing can be expected only in the summer.