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The Rise in CBR Rate Alerts to Inflation Danger

February 05, 2008 | www.kommersant.com

The fact that the Central Bank of Russia (CBR) stepped up its refinancing rate from 10.0 percent to 10.25 percent February 4 should be viewed as an inflation hazard signal to the market and won’t lead to any material economic aftereffects, said Arkady Dvorkovich, chief of the RF President’s Expert Department, RIA Novosti reported.

“It is a definite signal to the market related to the inflation apprehension. Rising the rate won’t entail any direct material consequences but it may work as a signal,” Dvorkovich told the reporters on Monday when asked to comment on the last move of the CBR.

The refinancing rate had been gradually reduced in Russia since the summer of 1998 and until recently.


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