Thursday, February 2, 2023
No Result
View All Result
SUBSCRIBE
eNaira Online News
  • Home
  • eNaira
  • Capital Market
  • Business
  • Finance
  • Banking
  • PF
  • Companies
  • Crypto
  • Real Estates
  • Opinion
  • Home
  • eNaira
  • Capital Market
  • Business
  • Finance
  • Banking
  • PF
  • Companies
  • Crypto
  • Real Estates
  • Opinion
eNaira Online News
No Result
View All Result

Russia reduces interest rate to 11% boosted by the success of the ruble

by e-Naira Online News
May 26, 2022
in Finance
Reading Time: 2 mins read
A A
0
Home Finance
Share on FacebookShare on Twitter


Russia’s central bank slashed interest rates to 11% for the third time in less than a month, boosted by lower inflationary pressures due to the success of the Russian ruble.

This was disclosed by the Russian Central Bank in a press release seen by Nairametrics.

According to the bank, funds continue to flow into fixed-term ruble deposits while lending activity remains subdued. This reduces pro-inflationary risks and necessitates monetary easing.

What the Bank is saying

The Bank said,  “The Bank of Russia Board of Directors decided to cut the key rate by 300 basis points to 11.00% per annum effective from 27 May 2022. “

The Bank stated that the move was due to the lowered inflationary pressure. “The latest weekly data point to a significant slowdown in the current price growth rates. Inflationary pressure eases on the back of the ruble exchange rate dynamics as well as the noticeable decline in inflation expectations of households and businesses,” it stated.

The bank added that “In April annual inflation reached 17.8%, however, based on the estimate as of 20 May, it slowed down to 17.5%, decreasing faster than in the Bank of Russia’s April forecast.”

What you should know

  • The result of a strengthened currency would be lower import prices for Russian citizens, implying that inflationary concerns would be alleviated.
  • At the time of writing this article, the Russian ruble was trading at 60 rubles to $1, indicative of a 20.78%  gain in the rubles within the past month.
  • Despite the sweeping sanctions placed by the west on Russia, rising exports and capital controls have slashed demand for foreign cash, sending the ruble to new highs not seen since 2018.
  • Nonetheless, the move demonstrates the central bank’s desire to halt the ruble’s meteoric rise in favour of economic growth.
  • Based on the Bank’s forcast, annual inflation will decrease to 5.0–7.0% in 2023 and return to 4% in 2024.

Related



Source link

Tags: BoostedInterestRatereducesrubleRussiasuccess
Previous Post

Lagos seals properties in Ikoyi, Lagos Mainland for various contraventions

Next Post

Perspective – Businessday NG

Related Posts

Finance

Two Stocks Trigger 0.05% Loss At Unlisted Stock Exchange

by e-Naira Online News
February 2, 2023
Finance

Tinubu distancing self from APC’s failure —Atiku’s aide

by e-Naira Online News
February 2, 2023
Finance

MTN Declares N10 Per Share Dividend As Revenue Hits N2.0trn

by e-Naira Online News
February 1, 2023
Finance

FG not fighting corruption to impress anyone — Mohammed

by e-Naira Online News
February 1, 2023
Finance

NDEP, Geo-Fluids Lift OTC Bourse by 0.06%

by e-Naira Online News
February 1, 2023
Next Post

Perspective - Businessday NG

Initial offerings; examining the legality of raising cryptocurrency tokens

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Trending
  • Comments
  • Latest

British American Tobacco earns alliance for Water Stew — Opinion — The Guardian Nigeria News – Nigeria and World News

January 29, 2023

Crypto Bank Custodia Denied Membership in US Federal Reserve System – Finance Bitcoin News

January 29, 2023

CAP full year PBT rises by 79% to N3.1bn

January 27, 2023

UNCTAD, Islamic Development Bank unite over sustainable investment — Business — The Guardian Nigeria News – Nigeria and World News

January 29, 2023

Guinness grows half year gross profit by 16%

January 27, 2023

Nigeria, others to meet over development in oil sector | The Guardian Nigeria News

January 27, 2023

Vitafoam Plc advocates special FX window for manufacturing sector

January 28, 2023

NIMASA plots CVFF disbursement strategy with banks — Business — The Guardian Nigeria News – Nigeria and World News

January 29, 2023

Two Stocks Trigger 0.05% Loss At Unlisted Stock Exchange

February 2, 2023

Tinubu distancing self from APC’s failure —Atiku’s aide

February 2, 2023

Why rail sector remains moribund, has no profit in 59 years | The Guardian Nigeria News

February 2, 2023

Nigerian universities and the noise of advancing ideas

February 2, 2023

Moody’s downgrades Nigerian banks’ rating

February 1, 2023

8 Black Financial Influencers You Ought to Follow

February 1, 2023

Despite deadline extension, crowds besiege banks amid scarcity of new notes

February 1, 2023

Federal Reserve Raises Benchmark Interest Rate by 0.25%, Disinflationary Process ‘Early,’ Says Powell  – Economics Bitcoin News

February 1, 2023

Get the free newsletter

eNaira Online News

Get the latest news and follow the coverage of eNaira, Business & Financial, Stock Market, Analysis, and more from the trusted sources.

CATEGORIES

  • Banking
  • Business
  • Capital Market
  • Companies
  • Crypto
  • eNaira
  • Finance
  • Opinion
  • Personal Finance
  • Real estate
  • Uncategorized
No Result
View All Result

GET THE FREE NEWSLETTER

  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2022 e-Naira Online News.
e-Naira Online News is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • eNaira
  • Capital Market
  • Business
  • Finance
  • Banking
  • PF
  • Companies
  • Crypto
  • Real Estates
  • Opinion

Copyright © 2022 e-Naira Online News.
e-Naira Online News is not responsible for the content of external sites.