Russian President Vladimir Putin had called on the country's central bank to make a "balanced" decision about its key interest rate.Getty ImagesRussian interest rates on deposits and loans have risen faster than its central bank's key rate.A central-bank official said lending might have slowed too quickly in the battle to lower inflation.Russia's central bank has kept its interest rate at 21% to avoid excessive cooling in its economy.Russia's central bank has been hiking rates consistently in the second half of this year in an attempt to cool high inflation — but it may be running ahead of the curve.Bank lending has slowed, but there's a risk that it's "faster than necessary" in the fight to bring down inflation to Russia's target rate, a central-bank official told Interfax on Tuesday.Andrey Gangan, the director of the Central Bank of Russia's Monetary Policy Department, told the news agency that bank interest rates on deposits and loans were rising faster than the central bank's benchmark rate, slowing lending activity.The development prompted the central bank to keep its benchmark interest rate at 21% on Friday.
Comment on Lending may have slowed 'faster than necessary' in Russia's inflation fight, says central-bank official
htan@insider.com (Huileng Tan), Business Insider
Wed, 12/25/2024 - 2:33am
Comment On This Story
Welcome to Wopular
Wopular is an
online newspaper rack,
giving you a summary view of the top headlines from the top news sites.
Senh Duong (Founder)
Wopular,
MWB,
RottenTomatoes
MoviesWithButter : Our Sister Site
- "Expendables 4" Starts Shooting This Fall, Says Randy Couture at the Arnold Sports Festival more
- “Expendables 4” Gets Funding Interest from “Ip Man 3” Financier more
- "Ip Man 3" Distributor Suspected of Box Office Fraud, Parent Company Loses $200M in Market Cap more
- Yen Targets "Ip Man 4" for 2018 Release; Discusses Film with Director, Producer more
- "Ip Man 3" Shatters Expectations with $72M Opening [China Box Office] more