Russia cuts for fifth time in four months

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The Bank of Russia cut its benchmark refinancing rate by a quarter of a percentage point to 10.75% on Friday.

The cut will take effect on Monday and other rates will also be reduced by 25 basis point. Today's cut is the fifth since April. The previous cuts were by half a percentage point.

"Taking into account the rate cuts carried out earlier and inflation indicators for this year and last, the Bank of Russia has decided to lower the refinancing rate and other interest rates on its operations mo

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