Russia slashed interest rates on Thursday as a resurgent ruble — buoyed by robust oil and gas revenues — takes some of the heat out of inflation. The Russian Central Bank cut interest rates from 14% to 11%, after inflation slowed to 17.5% in May compared to 17.8% in April, said the bank, which is now forecasting that annual inflation will decrease to 5–7% in 2023 and return to 4% in 2024. The bank raised interest rates to 20% as the Russian economy was hit by Western sanctions, but the latest move means they are now almost the same as before the invasion of Ukraine, when they stood at 9.5%. “External conditions for the Russian economy are still challenging, considerably constraining economi
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