Bank of Russia cuts rates, but Nabiullina warns of volatility

Bank of Russia governor Elvira Nabiullina
Source: Kremlin

Russia’s central bank board cut its policy rate at a third consecutive meeting on July 22, lowering it by 150 basis points to 8%.

Official figures show Russia’s year-on-year inflation fell in June for a second consecutive month, to 15.9% from this year’s high point of 17.8% in April. But Bank of Russia governor Elvira Nabiullina warned both inflation and the ruble’s exchange rate were becoming more volatile, while economic activity was facing challenges.

The board’s statement listed several

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