Bank of Russia cuts key rate by 100 bps to 20% - Breaking The News

Bank of Russia cuts key rate by 100 bps to 20%

6 June

1 min read

EPA-EFE/YURI KOCHETKOV

The Central Bank of the Russian Federation (CBR) announced on Friday that its Board of Directors decided to lower the key interest rate by 100 basis points to 20%.

"Current inflationary pressures, including underlying ones, continue to decline," the bank stated in the report and added that "while domestic demand growth is still outstripping the capabilities to expand the supply of goods and services, the Russian economy is gradually returning to a balanced growth path." The central bank also said that it will continue to uphold monetary conditions "as tight as necessary" in order to reach the inflation goal of 4% in 2026.

Moreover, upcoming decisions regarding the key rate will depend on "the speed and sustainability of the decline in inflation and inflation expectations," the lending institution concluded.

interest rate bank of russia

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