Moscow, Russia: Russia’s central bank cut its key interest rate by 300 basis points for the third time since an emergency rate hike in late February, citing cooling inflation and a recovering ruble.
Kirill Kudryavtsev | AFP | Getty Images
Russia’s central bank kept its key interest rate unchanged at 21% on Friday, citing monetary tightening as Moscow battles high inflation.
“Monetary conditions have tightened more sharply than expected at the key interest rate decision in October,” the bank said. explainpointing out the “autonomous” factor in monetary policy.
“Given the significant rise in borrower interest rates and cooling of credit activity, the tightening of monetary conditions creates the necessary prerequisites to resume the deflationary process and bring inflation back to target, despite currently higher price growth and higher domestic demand,” it added.
This breaking news story is being updated.
