Central Bank of Russia’s Repo Rate Unchanged

Elvira Nabiullina, Governor , Central Bank of Russia, Photo Credit: Kremlin

Elvira Nabiullina, Governor , Central Bank of Russia, Photo Credit: Kremlin

On September 13th, the Central Bank of Russia announced that they would leave the one-day auction repo rate, its main policy rate, unchanged.

Despite a sluggish economic wave, Elvira Nabiullina, newly-minted central bank governor, stated that interest rates would remain unchanged until inflation levels reached a rate of between 5 to 6 percent.

The Central Bank of Russia is attempting to shift its banking operations and practices more in line with those of Western, free-market economies. The belief is that the increase in transparency will help create more price stability.

This comes at a time when Russian officials have stated that it is more important for the central bank to protect against inflation than to spur growth.

Nabiullina took her post as the governor of the Central Bank of Russia on June 24th, 2013. Before that she was Vladimir Putin’s economic advisor and worked as minister of economic development and trade between September 2007 and May 2012.



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