The Russian President, Vladimir Putinsigned the law that gradually introduces into the economy as of August the digital ruble together with the traditional forms of payment and which establishes the creation of an appropriate electronic platform. On June 11, the Duma or Lower House adopted the law, which will enter into force on August 1. […]
Tag: Central Bank of Russia
Russia increases the interest rate by one point and sees possible a rise in GDP of up to 2.5%
The Central Bank of Russia (BCR) today increased the interest rate by one percentage point to 8.5%, which reaches its highest level since June 2022, and significantly revised upwards its growth forecasts for the economy for this year, now predicting an advance of the GDP between 1.5 and 2.5%. In its April macroeconomic projections, the […]
Bank for International Settlements suspends Russian central bank
Updated on 03/10/2022 02:26 pm The Bank for International Settlements (BIS) suspended the Russian central bank, said a spokeswoman for this institution, considered the “bank of central banks”. The entity, which said it bowed to international sanctions, suspended the access of the banking establishment of the Russian Federation to “all BIS services”, including the “meetings” […]
Bank for International Settlements suspends the Central Bank of Russia
The Bank for International Settlements (BIS), where the governors of the central banks meet to discuss monetary policy issues, announced this Thursday, March 10, that it suspended the Central Bank of Russia. In statements to the AFP agency, a spokeswoman for the entity said that she was bending to the international sanctions of suspending the […]
Doubts of possible default hang over Russian bond market
The big question now facing Russian debt holders is whether they will ever get their money back. The government is paying the coupons on its bonds for now, but with the war in Ukraine and foreign reserves frozen, it’s unclear how or when investors will receive their cash. Despite the central bank calling the ban […]
Russia invites foreign market players to join Russian analogue of Swift
The head of the Central Bank of Russia, Elvira Nabiúlina, invited foreign financial market participants to join the Russian analogue of the international interbank communication system Swift, called SPFS. “We have a financial messaging system, SPFS, which can replace Swift within the country. Outside participants can join”, He pointed out in a statement to the […]
Russian Central Bank more than doubles its interest rate to 20%
Russia’s central bank more than doubled its official interest rate on Monday and introduced some capital controls, at a time when the country faces growing economic isolation, but its governor said sanctions had prevented him from selling foreign currency. to prop up the ruble. The central bank announced on Monday that it will strongly increase […]
Russian Central Bank raises its benchmark interest rate to 20%
The Board of Directors the Central Bank of Russia (BCR) reported this Monday, February 28, that it decided to increase the reference interest rate to 20% per year. “External conditions for the Russian economy have changed drastically,” the entity said at first, while the crisis over the invasion of Ukraine continues. This comes after the […]
The United States banned all transactions with the Central Bank of Russia
The Treasury Department of the United States prohibited this Monday, February 28, all transactions with the Central Bank of Russiaa sanction of immediate effect and unprecedented severity taken in coordination with various allies of Washingtonin response to the invasion of Ukraine. The measure, announced before the opening of the markets in the United States and […]
The dollar rises on the risks of conflict in Russia and Ukraine
The dollar rose against all of its peers in early trading on Monday, as the fallout from the conflict between Russia and Ukraine has deepened and has overwhelmed demand for the world’s reserve currency. “The USD is king, it offers liquidity and safe-haven attributes,” Rodrigo Catril, currency strategist at National Australia Bank Ltd., in Sydney, […]