![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() by Daniel J. Graeber Moscow (UPI) Feb 3, 2017
An expectation of slow growth despite better-than-expected recovery on the bank of an oil price rebound in 2016 means stable rates, Russia's Central Bank said. The board of directors at Russia's Central Bank said Friday they were keeping their key rate unchanged at 10 percent. The bank said economic recovery in 2016 was better than expected as the price for crude oil held within its baseline assumptions. Crude oil prices fellow below $30 per barrel last year just as the value of the Russian currency faltered. Central Bank Gov. Elvira Nabiullina said the rate of inflation is expected to be close to its low-end outlook of around 5.5 percent this year and the International Monetary Fund said there are prospects for "modest" recovery starting in 2017. Sanctions and lower crude oil prices put pressure on the Russian economy last year, though the government expects investments in the oil sector to expand. The White House under President Donald Trump has signaled it could ease some of the sanctions pressures for Russia. Nevertheless, the Russian bank said that "internal and external developments" diminished its appetite for any rate cuts. "In order to maintain the propensity to save and anchor sustainable inflation slowdown driven by demand-side restrictions, monetary conditions should remain moderately tight," the bank said. Russia is party to a multi-lateral agreement led by the Organization of Petroleum Exporting Countries to trim oil production in an effort to stabilize crude oil markets. Russia maintains it's complying with the deal, though production last year was at or near post-Soviet highs. Russia derives a sizeable portion of its revenue from oil and natural gas and is a main energy supplier to European and Asian economies. The Central Bank said growth in industrial production is ongoing, "and so is expansion of non-oil and gas exports in several categories."
![]() ![]()
Related Links All About Oil and Gas News at OilGasDaily.com
|
|
The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us. |