CBRT keeps policy rate unchanged at 37%

The bank had lowered the one-week repo auction rate from 38% to 37% in January and left the policy rate unchanged at subsequent MPC meetings.

In addition to keeping the policy rate unchanged, the committee maintained the CBRT's overnight lending rate at 40% and the overnight borrowing rate at 35.5%.

The decision was in line with market expectations. All 20 economists surveyed by Bloomberg had forecast that the CBRT would leave the policy rate unchanged at 37% at its July meeting.