Template-Type: ReDIF-Article 1.0
Author-Name:Alexandra Bozhechkova
Author-Name-First:Alexandra                 
Author-Name-Last: Bozhechkova  
Author-Workplace-Name:  Gaidar Institute for Economic Policy
Title: RUSSIA’S INFLATION AND MONETARY POLICY IN MAY 2015
Abstract: Further stabilization of inflation and the ruble exchange rate allowed the Bank of Russia Board of Directors to further cut the key interest rate to 11.50% p.a. on 15 June 2015. The cut was triggered by the fact that Russia’s economy was still facing serious risks of a downturn amid weakening inflation risks. The Bank of Russia announced on 14 May that it will resume its interventions to buy foreign exchange, $100m to $200m on a daily basis, in order to increase the international reserves. In May 2015, consumer prices increased 0.4% (0.9% in May 2014), i.e. down 0.1 p.p. from April 2015. As a result, inflation in May 2015 stood at 15.8% compared to May 2014. The Consumer Price Index increased 0.2% in the fi rst 22 days of June 2015, showing a substantial slowdown.
Classification-JEL:P24, E52  
Keywords: INFLATION AND MONETARY POLICY  
Journal: Russian Economic Developments
Year: 2015
Issue: 7
Month: July
Pages: 6-9
File-URL: http://www.iep.ru/files/RePEc/gai/recdev/540Bozhechkova.pdf
File-Format: Application/pdf
Handle: RePEc:gai:recdev:540