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.
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
Topics: russian president vladimir putin getty imagesrussian andrey gangan central bank russia's monetary policy department reuters december october elvira nabiullina price april business insider president vladimir putin putin gangan russia's russia interfax november lending slowed faster fight central-bank official rate interest rates decision year target expected called key balanced friday cooling told country prompted deposits steady loans benchmark excessive high slowdown
BING NEWS:
- Lending may have slowed 'faster than necessary' in Russia's inflation fight, says central bank official
Bank interest rates on deposits and loans rose much higher than the central bank's key rate, causing a slowdown in lending activity.
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Russia’s central bank has left its benchmark interest rate at a record 21%, holding off on further increases despite high consumer inflation fueled by the Kremlin’s war against Ukraine.
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High borrowing costs are the central bank's leading plan to curb stubborn price growth, with Russia's annual inflation rate approaching 8.7%. Although that's the highest benchmark interest rate since ...
12/3/2024 - 7:14 am | View Link - More
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