Russia eases by 100bp in third consecutive rate cut
Governor says decision was warranted by falls in both inflation and economic activity
The Bank of Russia today (September 12) cut interest rates by 100 basis points to 17%.
The decision was the bank’s third consecutive reduction. In June, it cut by 100bp to 20% and then eased by a further 200 basis points in July.
In a statement, governor Elvira Nabiullina said the cut was warranted by declines in both inflation and economic growth.
In a separate statement, the bank said Russia’s economy was continuing to return to a balanced growth path. It also expected annual inflation to decline
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