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RUSSIA: Monetary Conditions Tightened "More Significantly" Than Envisaged

RUSSIA
CEEMEAEM BulletRussiaBulletEmerging Market News

Highlights from the policy statement:

  • Monetary conditions tightened more significantly than envisaged by the October key rate decision. This is the result of the effects of factors autonomous from monetary policy.
  • Given the notable increase in interest rates for borrowers and the cooling of credit activity, the achieved tightness of monetary conditions creates the necessary prerequisites for resuming disinflation processes and returning inflation to the target, despite the elevated current price growth and high domestic demand.
  • The Bank of Russia will assess the need for a key rate increase at its upcoming meeting taking into account further lending and inflation dynamics.
  • Over the medium-term horizon, the balance of inflation risks is still significantly tilted to the upside

Click here to see the full release. 

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Highlights from the policy statement:

  • Monetary conditions tightened more significantly than envisaged by the October key rate decision. This is the result of the effects of factors autonomous from monetary policy.
  • Given the notable increase in interest rates for borrowers and the cooling of credit activity, the achieved tightness of monetary conditions creates the necessary prerequisites for resuming disinflation processes and returning inflation to the target, despite the elevated current price growth and high domestic demand.
  • The Bank of Russia will assess the need for a key rate increase at its upcoming meeting taking into account further lending and inflation dynamics.
  • Over the medium-term horizon, the balance of inflation risks is still significantly tilted to the upside

Click here to see the full release.