On the background of falling ruble Board of Directors of the Central Bank of the Russian Federation has decided to increase from December 16, 2014 the key rate – the interest rate at which the controller provides loans to commercial banks – from 10.5% to 17% per annum. This decision was driven by the need to limit significantly increased in recent devaluation and inflation risks, said on the website of the Central Bank of the Russian Federation.
“In order to enhance the effectiveness of interest rate policy loans secured by non-marketable assets or guarantees for a period of 2 to 549 days from 16 December 2014 will be granted at a floating interest rate established at the level of the key rate of the Bank of Russia increased 1.75 percentage points (previously these loans for a period of 2 to 90 days, provided at a fixed rate), “- said in a statement the regulator.
In addition, the Central Bank said that “for the empowerment of credit institutions to manage their own currency liquidity was decided to increase the maximum amount of funds to repurchase auctions in foreign currency for a period of 28 days from 1.5 to 5.0 billion. US dollars, as well as to conduct similar operations for a period of 12 months on a weekly basis. ”
Last week, December 11th, CBR increased key rate from 9.5% to 10.5%. It was 9.5% from 5 November 2014 to 8% – from 25 July to 7.5% – from 25 April. Earlier this year, the key rate was 5.5%.
Previously used as the main refinancing rate. Last for a longer interval is increased in late June 1998, then it was increased from 60% to 80%.
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