Russia cuts key interest rate amid coronavirus lockdown & plunging oil prices ...United Arab Emirates

The Bank of Russia slashed its interest rate by 50 basis points on Friday, for the first time since October 2019, to 5.5 percent. The regulator said that further reductions may follow soon. “Since the March Board of Directors meeting, the situation has changed dramatically. Significant restrictive measures have been introduced to combat the coronavirus pandemic, both in Russia and across the world, which negatively influences economic activity,” the central bank said in a statement. The Bank of Russia added that it has reviewed the baseline forecast scenario and is shifting to an accommodative monetary policy. According to the bank for

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