Russia’s central bank cuts key interest, citing decreased stability risks
MOSCOW (Russia): In an effort to protect domestic assets, the Russian central bank implemented capital controls. This was in response to international sanctions that have strained the economy after Russia invaded Ukraine.
KIRILL Kudryavtsev – AFP | AFP | Getty Images
Thursday’s cut by the Central Bank of Russia of its key interest rates from 14% to 11% was due in part to slowing inflation and the recovery of ruble.
After an extraordinarily productive meeting, policymakers decided to make another 300 basis points cut. This is the Bank’s third major reduction since the Bank raised the key rate by 9.5% to 20% immediately after Russia invaded Ukraine. Also, Western countries imposed punitive sanctions.
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