The Central Bank of the Russian Federation increased the refinancing rate by 25 basis points to 8.00% due to "expectations of high inflation,". The Bank also increased the required reserve ratio on credit institutions' liabilities to non-resident legal entities in rubles and foreign currency by 100bps to 4.5% from 3.5%, and the required reserve ratio on credit institutions' liabilities to individuals and other liabilities in rubles and foreign currency 50bps to 3.5% from 3.0%. Russia recorded an inflation rate of 9.6% in January this year (8.8% in December 2010), compared to the government's target of 6% to 7%.
www.CentralBankNews.info
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