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Russia: Higher rates will have limited short−term effect

Wed, Nov 12 2008, 10:11 GMT
by Lars Rasmussen

Danske Bank A/S


Last night, the Russian central bank (CBR) decided to raise several key interest rates in a move directed towards reducing capital flight and lower inflation. Hence, the CBR raised the key tom-next rate to 5.75%, while the minimum rate for the all-important one-day repo operations was raised to 8% and the refinancing rate to 12% - all up by 100bp. Currency swap rates were increased by two percentage points to 12%. The increases take effect as of today.

Published on  Wed, Nov 12 2008, 10:12 GMT

Danske Bank  | Holmens Kanal 2-12, DK-1092 Copenhagen
http://www.danskebank.com/ | danskeresearch@danskebank.com

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This publication has been prepared by Danske Bank for information purposes only. It is not an offer or solicitation of any offer to purchase or sell any financial instrument. Whilst reasonable care has been taken to ensure that its contents are not untrue or misleading, no representation is made as to its accuracy or completeness and no liability is accepted for any loss arising from reliance on it. Danske Bank, its affiliates or staff, may perform services for, solicit business from, hold long or short positions in, or otherwise be interested in the investments (including derivatives), of any issuer mentioned herein. Danske Bank's research analysts are not permitted to invest in securities under coverage in their research sector. This publication is not intended for private customers in the UK or any person in the US. Danske Bank A/S is regulated by the FSA for the conduct of designated investment business in the UK and is a member of the London Stock Exchange. Copyright () Danske Bank A/S. All rights reserved. This publication is protected by copyright and may not be reproduced in whole or in part without permission.

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rouble, centralbanks, inflation, interestrate, russia, cbr

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