Russian Central Bank keeps key interest rates unchanged
2012-03-13 18:01:16
The Russian Central Bank announced Tuesday that it will maintain its refinancing interest rate at 8 percent and other key interest rates unchanged.
The decision was based on evaluation of inflation risks, economic growth forecast and uncertainty in global financial markets, the bank said.
Considering recent domestic and international macroeconomic developments, the bank said the current level of monetary market interest rates was appropriate in the coming months.
Inflation in Russia slowed down in February and early March. By March, annual inflation dropped to 3.7 percent.
Meanwhile, the Russian currency has appreciated since the start of 2012 against a currency basket composed of the U.S. dollar and the euro.
The central bank increased its refinancing rate to 8 percent on Feb. 28 last year from a historical low of 7.75 percent. It then raised the rate again to 8.25 percent in May. On Dec. 23, it cut the rate to 8 percent.