Elizaveta Danilova during an interview in Moscow. Reuters
Russian Central Bank (CB) held its key interest rate at record low level of 4.25% and said it will not cut rates further, instead planning to start gradually raising them at some point in the future when inflation stabilises near its target.
Russia’s central bank (CB) kept rates unchanged at a record low, deciding against further rate cuts as inflation accelerates and risks rise of fresh sanctions against Moscow, but said a rate cut was still possible later this year.
The Russian central bank lowered its key interest rate to 6.00% on Friday, cutting the cost of lending for the sixth consecutive meeting amid slowing inflation, and said a further rate cut was possible at an upcoming meeting.
Profits in Russia’s banking sector rose to 70 billion roubles ($975 million) in June from just 500 million roubles in May, which included some weeks of lockdown due to the coronavirus pandemic, the central bank said in a report on Friday.
The UAE topped the consumer demand for gold in the Arab world, with a share of 34.1%, out of Dhs162.2 billion, the total consumer demand for Saudi Arabia, the UAE, Kuwait and Egypt.
The study underlined the importance of Dubai Chamber of Digital Economy’s efforts, and the collaboration between various stakeholders and digital startups, to firmly position Dubai as the next digital economy capital of the world.
The Central Bank of the UAE’s (CBUAE) Direct Debit System (UAEDDS) allows residents of Dubai with an automatic payment in an effort to facilitate recurrent bills from their bank accounts.