He banwith central Russia announced on Friday that he left his monetary policy rate unchanged at 4.25%. The monetary authority reiterated that it will consider the need for further rate cuts in future meetings, Reuters reported. USD / RUB rose after this announcement and climbed towards 73.80.
“Given the high heterogeneity of current trends in economic and price movement, the Bank of Russia will assess subsequent developments and the existence of potential for a further reduction of the key rate,” the central bank said in its statement.
The bank indicated that household inflation expectations continued to grow, mainly driven by the growth of the prices of certain everyday goods and the volatility of the exchange rate. They also noticed an increase in the price expectations of the companies compared to the previous months and they remain high.
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