The Central Bank of Russia (CBR) left its benchmark lending rates on hold today, but hiked its overnight deposit rate by 25bps. Given the liquidity shortage in the interbank market and the fact that money market rates are well above the CBR’s deposit rates, this move is largely technical and does not amount to a change in the monetary policy stance. The bigger picture is that significant moves in interest rates are unlikely for the foreseeable future.
Subscriber content
Read this in full, free
Start a free trial and use one of your 10 free starter credits to unlock this piece.