Facebook Blogging

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, July 11, 2008

Russi's Central Bank Raises Rates For The Fourth Time In 2008 In A Bid To Stem Inflation

Russia's central bank raised its key interest rates by a quarter-percentage point today, and this was the fourth time this year they have raised. The refinancing rate will be lifted to a 1 1/2 year high of 11 percent as of July 14. The minimum rate for taking out one-day loans from the central bank in repurchase auctions was increased to 7 percent. 11% may seem like a high rate, but with inflation at 15% this still constitutes a negative real interest rate of 4%.

Bank Rossii raised borrowing costs in February, April and June to control price growth after the inflation rose to a 5 1/2 year high of 15.1 percent in June.

No comments: