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Edward Hugh has a lively and enjoyable Facebook community where he publishes frequent breaking news economics links and short updates. If you would like to receive these updates on a regular basis and join the debate please invite Edward as a friend by clicking the Facebook link at the top of the right sidebar.

Claus Vistesen and I also have a number of country briefings and study papers available for download in PDF format. The latest are:

Bank Rossii Eases Further As Russia's Economy Contracts At A Record Rate

The ECB's Balance Sheet At A Glance.

Friday, February 1, 2008

Russian Central Bank Raises Interest Rates

The Russian central bank raised its main interest rates by a quarter of a percentage point, with effect from Feb.4, signaling it sees inflation as a bigger threat than concerns about a liquidity squeeze in the nation's money markets. The minimum rate for taking out one-day loans from the central bank in repurchase auctions will be raised to 6.25 percent, the Moscow-based bank said today.

The bank will also increase reserve requirements for banks' ruble and foreign currency liabilities to non-resident banks to 5.5 percent on March 1. The move appears to be aimed at discouraging Russian banks from raising their foreign debt levels.

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