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5 days ago
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Russia’s Central Bank cut its key interest rate by 1% on Friday, its third reduction this year and a move that is likely to be welcomed by jittery businesses as high borrowing costs and a slowing economy increasingly overshadow inflation risks.
Policymakers have been cautious in easing rates after hiking them to a two-decade high of 21% in September 2024 to curb surging inflation, largely driven by military spending. In its statement on Friday, the Central Bank warned that inflation expectations “remain high.”
Annual inflation stood at 8.2% in early September, well above the bank’s 4% target. Policymakers said they expect inflation to ease to 6-7% by the end of 2025 and return to the Central Bank’s target next year.
This is a breaking news story. Please come back later for updates.
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