Moscow, Russia: The Russian central bank cut its key interest rate by 300 basis points for the third time since its emergency hike in late February, citing slowing inflation and a rebound in the ruble.
Kirill Kudryavtsev | AFP | Getty Images
The Russian Central Bank on Friday left key interest rates unchanged at 21%, citing monetary tightening at a time when Moscow is waging an ongoing battle with high inflation.
“Monetary conditions have tightened further than expected in the key interest rate decision in October,” the bank said. He saidPointing to factors that are “independent” of its monetary policy.
“Given the marked increase in interest rates to borrowers and the slowdown in credit activity, tight monetary conditions create the necessary prerequisites to resume disinflation processes and return inflation to target, despite higher current price growth and higher domestic demand.” She added.
This breaking news story is being updated.
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