Russia slashes key interest rate ...News

Russia Today - Economy
Russia slashes key interest rate
The Central Bank cited a further inflation slowdown in making the rate cut The Central Bank of Russia (CBR) cut its key interest rate on Friday from 9.5% to 8.0%, citing further slowdown in annual inflation and subdued consumer demand. The cut was bigger than predicted by any of the Bloomberg-surveyed economists. According to the bank’s statement, the decline in business activity has proven slower than had been expected in June.  “However, the external environment for the Russian economy remains challenging and continues to significantly constrain economic activity,” CBR said.  It also indicated that further rate

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