Press Service

The Central Bank of the Russian Federation (Bank of Russia)

Press Service

12 Neglinnaya Street, Moscow, 107016 Russia;

The Bank of Russia External and Public Relations Department informs that on 9 November 2012 the Board of Directors of the Bank of Russia decided to maintain the refinancing rate and the interest rates on the Bank of Russia operations unchanged (table “Interest rates on the Bank of Russia operations”).

The decision was supported by the assessment of inflation risks and economic growth prospects.

In October and in the beginning of November the pace of inflation declined slightly, but stayed above the target range, and as of 6 of November was estimated at 6.4% over a year ago. Core inflation in October amounted to 5.8%. Stabilization was registered in all the main components of the consumer price index, including food prices, that were the key driver of inflation acceleration in recent months. Taking into account its influence on economic agents’ expectations, the recent growth in inflation rate remains an important source of inflation risks. Nevertheless, the deceleration of certain food prices growth and the September 2012 hike in the interest rates on the Bank of Russia monetary policy instruments could contribute to the moderation of inflation expectations. At the same time significant demand-pull price pressures are absent.

The dynamics of the key macroeconomic indicators in September were in line with the previous trends, pointing to a certain slowdown in economic activity. Consumer demand and industrial production growth rates were largely unchanged while investment growth continued to decelerate. However, economic confidence indicators on the whole remained positive in the recent months and labour market conditions together with credit expansion support robust domestic demand. Despite the slower economic growth observed in the second half of the year gross output remains close to its potential level, according to the Bank of Russia estimates.

Banking credit growth continued to show certain signs of the stabilization. However, the risks of a significant economic slowdown stemming from somewhat tighter monetary conditions are considered minor.

The Bank of Russia will continue to monitor inflation risks, including global food price dynamics, global economic developments and the consequences of the monetary conditions tightening for the Russian economy. In making monetary policy decisions the Bank of Russia will be guided by medium-term inflation goals and economic growth prospects, as well as the dynamics of inflation expectations.

The next meeting of the Board of Directors of the Bank of Russia on monetary policy issues is planned to be held in the first decade of December 2012.

Interest rates on the Bank of Russia operations

(% p.a.)

Purpose Type of instrument Instrument Term Rate since 14.09.12
Liquidity provision Standing facilities (fixed rates) Overnight loans 1 day 8.25
FX swaps (rouble rate) 1 day 6.75
Lombard loans, REPO 1 day, 1 week1 6.50
Lombard loans 30 days1 6.50
REPO 12 months1 8.00
Loans secured by gold Up to 90 days 7.00
From 91 to 180 days 7.50
From 181 to 365 days 8.00
Loans secured by non-marketable assets and guarantees Up to 90 days 7.25
From 91 to 180 days 7.75
From 181 to 365 days 8.25
Open market operations (minimum interest rates) REPO auctions 1 day 5.50
Lombard and REPO auctions 1 week 5.50
3 months 7.00
6 months1 7.50
12 months 8.00
Liquidity absorption Open market operations (maximum interest rates) Deposit auctions 1 week 5.00
1 month1 5.75
3 months1 6.75
Standing facilities (fixed rates) Deposit operations 1 day, 1 week1, 1 month, call 4.25
For reference:
Refinancing rate 8.25

1 Operations have been suspended.

09 November 2012

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