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Russian central bank cuts interest rate by 2 points

Move implies shift in priorities - towards trying to support economic activity

POLICY SHIFT: The bank saw conditions for lower inflation in the medium term, but effectively acknowledged that inflation would stay in double-digits throughout this year.


RUSSIA'S central bank unexpectedly cut its main interest rate on Friday as fears of recession mount in the country following the fall in global oil prices and Western sanctions over the Ukraine crisis.

The central bank reduced its one-week minimum auction repo rate by two