Russian central bank makes surprise interest rate cut
Add BT as a preferred source[MOSCOW] Russia's central bank cut its key interest rate by two points to 15 per cent on Friday, as the economy slides towards recession because of a collapse in global oil prices and Western sanctions over the Ukraine crisis.
The central bank said in a statement it was reducing its one-week minimum auction repo rate, which had been 17 per cent, seeing conditions for a reduction in inflation in the medium-term.
The bank hiked its key rate by a total of 11.5 percentage points last year in response to panic on the currency market and soaring inflation, which reached 11.4 per cent in December.
REUTERS
Share with us your feedback on BT's products and services
TRENDING NOW
On the board but frozen out: The Taib family feud tearing Sarawak construction giant apart
Dasmond Koh’s NoonTalk Media narrows Q3 loss by 41.9% to S$0.4 million
Thai and Vietnamese farmers may stop planting rice because of the Iran war. Here’s why
New EC rules to cool prices: MOP doubled to curb flipping, no more deferred payments and more units for first-timers
