CBR leaves key rates unchanged, cuts some long term refinancing rates by 25 b.p.

RUSSIA ENERGY / FINANCE - In Brief 10 Jun 2013 by Marcel Salikhov

As we have expected today's CBR Board of Directors meeting came with little surprise. The Board decided to leave key rates unchanged citing May inflation levels in accompanying press-release. At the same time certain rate on long term refinancing operations (181-365 days) were cut by 25 b.p.  These rates play only marginal role in monetary policy transmission channel. So the major reason for the cuts  is expectations management and streamlining the whole set of CBR's instruments.  The next meeting will be held in the first head of July with a new CBR head in charge (Elvira Nabiullina). 

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