Moscow
MIN -4
MAX -2
Cloudy / 03:31 AM / Traffic

Central Bank Tweaks Rates

The Central Bank raised all of its rates by one-quarter point on Thursday, due to rising prices and inflation expectations, according to a statement on the regulator's website.

The refinancing rate increased to 8.25 percent from 8 percent — the first increase since April. The overnight auction-based repurchase rate will increase to 5.5 percent from 5.25 percent and the overnight deposit rate to 4.25 percent from 4 percent. The increases are effective as of Friday.

Meanwhile, the Central Bank reported that total pretax profit for Russian banks in January-August 2012 came to 677.8 billion rubles ($21.1 billion), up 18 percent from 575.9 billion rubles posted for the same period of 2011. This includes 863 non-loss making banks in the period, with 686.8 billion rubles, up 18 percent from 580.9 billion rubles for January-August 2011. The 98 banks that made a loss for the January to August period were in the red by 9 billion rubles, up 80 percent from 5 billion rubles in the same period of 2011.

Annual total profit in the Russian banking sector came to a record 848.2 billion rubles for 2011.

Related articles:

See also:

Alfa Bank Eyes Autumn Bond Floatation

Raiffeisen Switching Attention to Retail in Russia

Russian Banks Shrug Off U.S. Sanctions, For Now

From the Web

Dear reader,

Due to the increasing number of users engaging in personal attacks, spam, trolling and abusive comments, we are no longer able to host our forum as a site for constructive and intelligent debate.

It is with regret, therefore, that we have found ourselves forced to suspend the commenting function on our articles.

The Moscow Times remains committed to the principle of public debate and hopes to welcome you to a new, constructive forum in the future.

Regards,

The Moscow Times