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Russia Holds Key Rate at 21% Amid Surging Inflation

The Bank of Russia unexpectedly maintained its key interest rate at a record-high  21% , defying analysts’ expectations of another significant hike as inflation remains stubbornly elevated. The decision marks a shift toward a more measured approach in balancing economic growth and price stability. Key Details Inflation Concerns: Annual inflation climbed to  8.9%  in November, well above the central bank’s  4% target , with inflation expectations reaching  13.9%  in December. Policy Rationale: The central bank cited the significant tightening of monetary conditions after October’s  200-basis point hike  as sufficient to resume disinflationary processes. Governor Elvira Nabiullina emphasized avoiding both economic overheating and severe slowdowns. Economic Overheating: Elevated government spending on the war in Ukraine and social programs, coupled with labor shortages and rising wages, have fueled strong domestic demand, exacerbating price pressures...
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BNM Plans Full Transition to Malaysia Overnight Rate (MYOR) Within Three Years

Bank Negara Malaysia (BNM) announced on Friday its plan to fully transition to the Malaysia Overnight Rate (MYOR) as the primary interbank rate used for pricing new financial contracts within the next three years. The MYOR will be published starting next year, with the existing Kuala Lumpur Interbank Offered Rate (KLIBOR) gradually phased out and its use in new products halted by 2027.


BNM urged market participants to begin adopting MYOR or its Islamic counterpart, MYOR-i, to avoid potential transition issues. The central bank emphasized that banks should engage with customers to promote the use of these new benchmarks.

The shift to MYOR follows the global transition away from LIBOR due to rate manipulation scandals and aims to establish more robust, transaction-based benchmarks. Despite the introduction of MYOR in 2021, KLIBOR remains prevalent, with legacy contracts worth RM929 billion still tied to the rate at the end of 2023.

BNM is now seeking feedback on the proposed permanent cessation of KLIBOR, which was introduced in 1987, and plans to submit feedback by Oct 27, 2024.

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