- rise due to weak rouble and high inflationary risks
- does not plan on cutting rates in coming months
- rate hike designed to keep inflation to maximum of 6% in 2014
- economic growth will continue to slow in 2014
- raises rate on fx swaps to 8.5% from 8.0%
- refi rate remains at 8.25%
- standing depo rate raised to 6.5%
- introduces 3 year refinancing tool at 6.5% for banks with investment projects
- weakening rouble will have limited impact on economic growth
The rate hikes were unexpected
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