Bank of Russia cuts key interest rate

RUSSIA / FSU POLITICS - In Brief 24 Jun 2020 by Alex Teddy
On June 19 the Bank of Russia (CBR) reduced the key interest rate 100 basis points to 4.5%. This is the lowest in decades and had been widely anticipated. The Governor of CBR repeatedly told the media earlier in June that a cut of this size was likely. She said that deflationary factors have been greater than foreseen because of the lockdown. The CBR aims at 4% inflation. Price growth was 3.1% on June 15.The CBR's next meeting is on July 24. That might well lead to a further cut in the key rate.

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