RUSSIA’S INFLATION AND MONETARY POLICY IN MAY 2015

Alexandra Bozhechkova

Russian Economic Development, 2015, issue 7, 6-9

Abstract: Further stabilization of inflation and the ruble exchange rate allowed the Bank of Russia Board of Directors to further cut the key interest rate to 11.50% p.a. on 15 June 2015. The cut was triggered by the fact that Russia’s economy was still facing serious risks of a downturn amid weakening inflation risks. The Bank of Russia announced on 14 May that it will resume its interventions to buy foreign exchange, $100m to $200m on a daily basis, in order to increase the international reserves. In May 2015, consumer prices increased 0.4% (0.9% in May 2014), i.e. down 0.1 p.p. from April 2015. As a result, inflation in May 2015 stood at 15.8% compared to May 2014. The Consumer Price Index increased 0.2% in the fi rst 22 days of June 2015, showing a substantial slowdown.

Keywords: INFLATION; AND; MONETARY; POLICY (search for similar items in EconPapers)
JEL-codes: E52 P24 (search for similar items in EconPapers)
Date: 2015
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