Support The Moscow Times!

Bank Rate Not Likely to Rise

Central Bank First Deputy Chairman Gennady Melikyan said Tuesday that it would make no sense to raise interest rates this month.

“I wouldn’t raise rates,” Melikyan told reporters in Tula. “Any tightening pushes down on capital outflow and inflation, but also impacts output and leads to slowdown.”

The Central Bank is also considering raising minimum capital requirement for banks to 300 million rubles (about $10 million) starting in 2015, Melikyan said.

(Bloomberg)


Read more