The Central Bank of Russia announced on Thursday that cuts its official interest rate by 300 basis points, to 11% from 14%.
In its monetary policy statement, the central bank has indicated that keeps open the prospect of additional rate cuts in its next meetings.
Additional comments, via Reuters
“The latest weekly data points to a significant slowdown in price growth current”.
“Funds continue to flow into ruble time deposits, while lending activity remains weak.”
“External conditions for the Russian economy remain challengingconsiderably limiting economic activity”.
“Risks to financial stability eased somewhat, allowing for the relaxation of some capital control measures.”
“Annual inflation will decrease to 5-7% in 2023 and return to 4% in 2024“.
Source: Fx Street
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