Rory MacFarquhar, analyst of Goldman Sachs in Moscow, called Bank of Russia’s decision about cutting base refinance rate (see
Bank of Russia Cuts Refinance Rate from 13% to 12.5%) “unpleasant episode which chases away any appearance of Russian Central Bank’s independence”.
Mr. MacFarquhar said that recently Bank of Russia resisted to pressure of Russian Prime Minister Vladimir Putin at currency politics, but this time “the stress was very direct”. Rory MacFarquhar supposes that reducing of the rate in a less degree became
the reaction of Central Bank of Russia at inflation’s slow down and in a greater degree was its response at very weak March data of industry. According to this data, GDP reduction will be more dramatic in 2009, as it was estimated before.
The Financial Times
