Alfa-Bank analysts questioned the effectiveness of the Central Bank’s decision to raise the key rate today and criticized it for its way of communicating with the market. In the statement issued by the regulator after the extraordinary meeting, there were no new arguments to support the decision to drastically increase the rate, Alfa-Bank said.
Alfa-Bank criticized the Central Bank for the method of communication with the market after the decision to raise the reference rate from 8.5% to 12% per annum. The commentary of the bank’s analysts is published by Finam.
Alfa-Bank noted that in the statement on the fact of the unscheduled meeting of the Central Bank, in which the decision on the rate was made, no new arguments were presented in favor of raising this rate.
“We doubt that the rate increase will have an effect on the foreign exchange market,” the bank’s analysts concluded. They added that a sharp increase in the rate is not reasonable given the current dynamics of inflation.
On Tuesday, August 15, the Bank of Russia convened an extraordinary board of directors, at which it raised the key rate from 8.5% to 12% per annum. This decision was preceded by a sharp increase in the exchange rate: the US dollar rose to 102 rubles, the euro – to 111 rubles.
After the meeting of the Central Bank, rates stabilized somewhat: according to current data at the time of publication, the US dollar on the stock exchange costs 98 rubles, the euro – 107 rubles.
Author:
Kirill Bilyk
Source: RB
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