Support The Moscow Times!

Refinancing Rate Stays

The Central Bank is unlikely to raise the refinancing rate this year, ending the era of “easy money” for carry trades, First Deputy Chairman Alexei Ulyukayev said Thursday. Carry trades let investors make money by borrowing in countries with low interest rates and investing where rates are higher.

The Central Bank left its main rate unchanged at 7.75 percent Tuesday, after policymakers said inflationary pressures, triggered by the recent drought, can’t be stemmed by monetary policy. “For international currency speculators, the epoch of making easy money is over,” Ulyukayev said. 


Read more

Independent journalism isn’t dead. You can help keep it alive.

The Moscow Times’ team of journalists has been first with the big stories on the coronavirus crisis in Russia since day one. Our exclusives and on-the-ground reporting are being read and shared by many high-profile journalists.

We wouldn’t be able to produce this crucial journalism without the support of our loyal readers. Please consider making a donation to The Moscow Times to help us continue covering this historic time in the world’s largest country.