The U.S. Federal reserve on Wednesday for the first time since 29 June 2006 has raised the benchmark interest rate to 0.25 to 0.5%. the Minister of economic development believes that, as the decision was expected, it is already included in futures contracts on oil and other contracts.
NAIROBI, 16 Dec. The decision of the open market Committee of the Federal reserve system (FRS) the USA to increase the base rate to 0.25 to 0.5% seriously will not increase the volatility of the ruble exchange rate and will not create additional shocks to macroeconomic stability in Russia, says the head of the Ministry of economic development Alexei Ulyukayev.
The U.S. Federal reserve on Wednesday after the latest meeting for the first time since 29 June 2006 has raised the benchmark interest rate to 0,25-0,5% (on average 0,375%) with a record low of 0-0,25%.
“Of course, the fed’s decision will affect everyone. 80% of analysts believed that the decision to raise rates the fed will be made. I think this was large, all expected, all prepared to enter into forward contracts and so forth, and this is taken into account in futures contracts on oil and other contracts,” the Minister told reporters.
“So I don’t see any potential for serious macroeconomic shocks for Russia and the ruble”, — concluded the speaker.