Geoffrey Smith

Investing.com – After the Russian central bank reduced its interest rate by three points to 11.1%, it indicated that further cuts could be made at the next meeting.

CBR stated that it was responding to “significant slowdown” in current price rises, which were exceeding its expectations.

However, the bank claimed that its capital controls had been somewhat relaxed due to “some” easing and expectations. It didn’t make any announcements on Thursday.

The CBR had put strict limits on the amount of rubles that could be converted into foreign currency at the start of Russia’s war in Ukraine, which triggered a broad rush for and by both households and businesses. It has eased the restrictions it had placed on the banks’ hedging activities during the last two week, but the limitations on other non-financial entities are still in effect.

The price was at 60.47 rubles by 4:15 AM ET (815 GMT) It had dropped to 55.83 rubles earlier in the week. This was its lowest level since February 2018. Since its panic-driven war, the ruble has doubled in price.