Russia’s central bank on July 31 cut its key interest rate to 11% from 11.5%, arguing that economic cooling is a greater risk than inflation.
“Consumer price growth will continue to slow amid slack domestic demand. Annual inflation will fall below 7% in July 2016 and reach the 4% target in 2017,” the bank said in a statement.
It said it would review the key rate on September 11.
The ruble went down after the rate reduction news.
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