Bank of Russia cuts policy rate

Elvira Nabiullina

The Bank of Russia cut its policy rate by 25 basis points on March 24, for the first time since September 2016.

Governor Elvira Nabiullina said she was confident Russian inflation would hit the central bank’s target of 4% by late 2017. The bank was considering “further cuts in the second and third quarters of this year”, she added in a statement.

Russia’s year-on-year inflation rate fell to 4.6% in February, having dropped every month since June 2016, when it reached 7.5%. The February rate wa