Bank of Russia continues unwinding giant rate hike

Central bank cuts rate 300 basis points to 14%, in second reduction this month

The Bank of Russia

The Bank of Russia’s board reduced the headline interest rate by 300 basis points on April 29, from 17% to 14%.

The board cited an easing of inflationary dynamics and a stronger ruble. This marks the second time the central bank has cut rates this month, after an earlier 300bp cut on April 8. On February 24, the day Russia invaded Ukraine, the central bank raised rates by 1,050bp, from 9.5% to 20%.

The central bank board said inflation was still rising, reaching 17.6% on April 22, up from 16.7

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