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Fri Jul 22, 2022, 04:03 PM

Russia's central bank slashes rate, saying inflation slows [View all]

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Russia’s central bank slashes rate, saying inflation slows

The Associated Press

July 22, 2022, 12:34 PM

MOSCOW (AP) — The Russian central bank diverged from its Western counterparts by slashing its key interest rate Friday just a month after dropping it to where it was before the country sent troops into Ukraine.

The bank lowered its key rate by 1.5 percentage points, to 8%, saying consumer prices are still easing partly because consumer demand has been falling. It said inflation expectations have “significantly decreased,” reaching spring 2021 levels, while a decline in business activity was slower than expected in June.

However, “the external environment for the Russian economy remains challenging and continues to significantly constrain economic activity,” the central bank said in a statement.

It had hiked the rate as high as 20% in the wake of the Feb. 24 military operation in Ukraine and the resulting Western sanctions that restrict dealings with Russian banks, individuals and companies.

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Reply Russia's central bank slashes rate, saying inflation slows [View all]
mahatmakanejeeves Jul 2022 OP
jimfields33 Jul 2022 #1