Russian central bank raises interest rates
August 15, 2007 00:00:00
MOSCOW, Aug 14 (AFP): The Russian central bank said yesterday it had decided to raise its interest rates by 25 basis points to mop up surplus liquidity on its money markets.
The move contrasts with action taken by other central banks around the world which have been putting money into the banking sector to increase liquidity amid fears of a credit crunch.
Short-term deposit rates in Russia are to increase from Tuesday to 2.75-3.25 per cent from 2.5-3.0 per cent.
