LAST UPDATE 12:33
Russia’s central bank cut its key interest rate to 17% from 20% at its meeting today.
The central bank also announced that inflation (on an annual basis) will continue to rise, adding that the tight monetary conditions already in place will continue to reduce pre-inflationary risks.
In a statement, the central bank said that the recovery of the currency (ruble) from the high losses after the invasion of February 24, had reduced the risk of inflation moving higher.
“Recent weekly data suggest a significant slowdown in inflation, due to the dynamics of the ruble exchange rate,” the central bank said.
The central bank had doubled its key interest rate to 20% on February 28 as it tried to stimulate the ruble after Western governments froze nearly half of its foreign exchange reserves.
Source: Capital
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