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Russian Central Bank Rules Out QE Program

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The Russian central bank has ruled out joining its global counterparts with a massive bond-buying despite the country sliding into a recession this year.

Speaking at a banking conference in Moscow, Russian Central Bank Chair Elvira Nabiullina said that a quantitative easing (QE) package wouldn’t be applicable for the country and would increase inflation and heighten capital outflows, according to the Dow Jones news agency.

The country is due to post negative gross domestic product (GDP) growth of around 4 percent in the coming year. Russia has been hit hard by the dramatic fall in oil prices and international economic sanctions following its intervention last year in Ukraine. The Russian ruble has experienced a major selloff due to the economic concerns and was one of the worst-performing currencies of 2014 despite emergency measures by the country’s central bank.

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza

@alfonso_forex

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