The Russian central bank unexpectedly cut the key rate by 300 basis points, taking the decision ahead of its next regular meeting set for April 29
The Russian central bank sharply cut its key rate to 17 per cent on Friday and said future cuts were possible, as emergency steps had contained the risk to financial stability, brought deposits back to banks and helped limit the threat of inflation, it said.
On Friday, the central bank unexpectedly cut the key rate by 300 basis points, taking the decision ahead of its next regular meeting set for April 29. Annual inflation in Russia accelerated to 16.70 per cent as of April 1, its highest since March 2015 and up from 15.66 per cent a week earlier, as the volatile rouble sent prices soaring amid unprecedented Western sanctions which cut Russia off the global financial markets and limited its trade with the outside world.
“The tightening of monetary conditions already in place is partly offset by the lending support programmes launched by the government and the Bank of Russia, but it will continue to limit pro-inflationary risks,” the statement said.
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