Connect with us
Finance Digest is a leading online platform for finance and business news, providing insights on banking, finance, technology, investing,trading, insurance, fintech, and more. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.


Russian central bank governor speaks after hiking rate to 8.5%

Russian central bank governor speaks after hiking rate to 8.5%

(Reuters) -Russian Central Bank Governor Elvira Nabiullina and her deputy Alexei Zabotkin gave a news conference on Friday after the bank hiked its key interest rate to a higher-than-expected 8.5%.

The Bank of Russia officials spoke in Russian. The quotes below were translated into English by Reuters.


The current restrictions are in effect until Sept. 9. We have not made a decision yet, but at the moment we can say that there are no grounds for the removal of these restrictions.

These restrictions, I remind you, were related to the fact that there are sanctions on the import of foreign currency cash by Russian banks on the territory of the Russian Federation.


There are a large number of various restrictions now, with exceptions, and of course it is quite difficult for businesses to navigate through it.

We are now making an inventory of the measures that have been taken, and our position is that we should keep only those currency restrictions that are significant in terms of retaliatory measures.

In our opinion, the rest should be removed and businesses should be given more opportunity and freedom to build new logistics routes and relationships with new counterparties.


In terms of the foreign currency part of the export proceeds that come into our country, the share has not decreased in any way, our export volumes have decreased.


The global economic growth rate is slowing down, and this is reflected in the prices of Russian export goods. Gas, coal and fertilisers are becoming cheaper on the global market. Russian exports are thus under double pressure – both from sanctions and the economic cycle.


Pro-inflationary risks have significantly intensified over the forecast horizon. These include a possible increase in the gap between growth in demand and supply capacity, the continued higher growth rates of consumer lending and a further aggravation of staff shortages.

Other pro-inflationary risks include a sharper transfer of rouble depreciation into prices, and persistently high inflation expectations. A deterioration in external conditions, including a possible tightening of sanctions, remains a significant risk.


Given the changes in our assessment of the economic situation, a higher key rate trajectory will be required if we are to end next year with inflation on target near 4%.

We allow for the possibility of a further increase in the key rate at the next meetings.

(Reporting by Reuters; Editing by Kevin Liffey)


Continue Reading

Why pay for news and opinions when you can get them for free?

       Subscribe for free now!

By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Posts