The Bank of Russia has become the latest emerging market central bank to hike its policy rate, albeit by a much smaller margin than some others.
The central bank raised the policy rate by 25 basis points to 7.5%. Governor Elvira Nabiullina cited exchange rate volatility and the deteriorating external environment as key reasons for the hike, speaking at a press conference after the decision today (September 14).
The ruble has suffered pressure this year as part of broader investor nervousness i
- EC’s Cyprus ‘failure’ undermined Eurozone central bank independence – Demetriades
- Reserve management practices are splintering
- Female regulators increase stability of the financial system, IMF paper finds
- Booming US economy set against ‘fragile’ markets – BIS review
- BIS paper defends credit gap measure