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Author Topic: Bank of Russia cuts interest rate by 3%, signaling further rate cuts  (Read 640 times)

Waljiri Pratama

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Bank of Russia cuts interest rate by 3%, signaling further rate cuts

The Russian central bank cut interest rates by 3% to 14% at its meeting today. While stating that the financial market has stabilized

“Because price and financial stability risks are no longer increasing. This creates conditions conducive to interest rate cuts,” the central bank said in a statement.

The central bank said Recent data has shown a slowdown in inflation. As the ruble strengthens It has been collapsing since Russia's Feb. 24 invasion of Ukraine.

In addition, the central bank expects Inflation will return to its target of 4% in 2024 after adjusting in the 18-23% range this year.

Meanwhile, the central bank also signaled further interest rate cuts this year. The policy rate stood at 10% before Russia attacked Ukraine on Feb. 24.



 

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