EnglishInflation in Russia will probably not exceed 10% in 2009, which allowed banks to lower their refinancing rate several times since the beginning of the year, Gennady Melikyan, deputy governor of Russia"s Central Bank announced yesterday. "We are definitely headed towards an inflation rate below 10%", said Melikyan during a meeting between bankers and the management of the Russian Central Bank.
On October 30, Russia"s Central Bank lowered the interest rate by 0.5%, to 9.5, after the rise of consumer prices slowed down. It is the lowest rate since Russia began its transition to a market economy, in the early 90s.
The recovery in Russia is shaky, a recent report by the EBRD states. The country has a good situation from a fiscal point of view, but at the same time has a weak banking system, a high number of non-performing loans and an economy which is dependent on commodities, the EBRD report states. Russia"s chance of recovery depends on the success of the authorities in strengthening the banking system, as well as on the consolidation of the world"s economy, which would influence the price of commodities. It is expected that Russia"s economy is expected to drop 8.5% in 2009, with a slight recovery towards the end of 2009, followed by a 3% increase in 2010, EBRD predicts.
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