Russia's central bank reduces interest rate to 18%

The Russian Central Bank reduced its refinancing rate from 21% to a record low of 18% from 17 February, having taken into account a slowdown in inflationary growth and the real level of interest rates on the Russian money market.

"We took into consideration that all the main interest rates on the market are significantly lower than 21%," Central Bank Deputy Chairman Oleg Vyugin told Interfax. "For example, Minfin 10-year bonds provide yields to maturity of less than 13%. Inflation is expected