Russia Unexpectedly Raises Main Rates, Reserve Requirements
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Russia’s central bank unexpectedly lifted the refinancing rate from a record low, the first increase since December 2008, and boosted reserve requirements for a second month to curb inflation.
Bank Rossii raised its main rates 0.25 percentage point, boosting the refinancing rate to 8 percent, the overnight deposit rate to 3 percent and the overnight auction-based repo rate to 5.25 percent, it said today in a statement on its website. Economists expected the refinancing and the repo rates to be left unchanged and the deposit rate to rise, according to the median estimate of 18 economists in a Bloomberg survey.