Bank of Russia cuts policy rate as oil and pandemic crises deepen

Elvira Nabiullina
Bank of Russia governor Elvira Nabiullina
Kremlin

The monetary policy committee of Russia’s central bank lowered its policy rate and said further cuts were possible, as it tries to deal with several growing economic crises.

The Bank of Russia’s monetary policy committee cut the one-week repo rate by 50 basis points on April 24, in its second cut of the year. It decided not to lower the rate at its previous meeting on March 20. 

Governor Elvira Nabiullina said the central bank had made a “radical revision of our view on economic development

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