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Tuesday, October 25, 2016

Central Bank did not change key rates due to inflation expectations

The Central Bank of Russia left unchanged the key rate set at the level of 10.5% per annum. This is stated in the release of the Central Bank.

photo: Gennady Cherkasov

We will remind that today we expect several decisions that can affect the falling ruble. In addition to the statistics on GDP for the second quarter, it is also the data for the same period the U.S. GDP and the number of drilling rigs that will be known in the evening in Moscow.

Its decision, the Central Bank explained that at the moment has stopped the decline in inflation expectations and the rate at the current level is able to achieve the plans for inflation (4% at the end of 2017).

Describing the situation in the Russian economy, the Central Bank said that amid continuing decline of investment, the growing share of import substitution and the overall economy begins to recover, and GDP growth is possible in the second half of this year.

The next possible change in the key rate of the Central Bank refers to September 16, when they host the next meeting. Recall that the September 18 elections to the state Duma of the Russian Federation.

Note that today the dollar exchange rate has exceeded 67 rubles, thus, the American currency has risen in 10 days against the Russian currency by almost 4 rubles. Earlier, the President considered the depreciation of a necessary condition for economic recovery and economist Sergei Aleksashenko predicted a possible rate decrease in the near future by 10-15%.

Read the sad prediction Aleksashenko.

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