Bank of Russia cuts key rate by 200bp
Central bank cuts rate to 15%, one month after increasing it by 650bp
The Bank of Russia cut its key policy rate by 200 basis points to 15% today, just one month after raising it by 650bp in an effort to stem the sharp decline of the ruble.
Explaining the decision, it pointed to a "shift in the balance of risks of accelerated consumer price growth and cooling economy" that it fears could result in a "sizeable decline in economic activity".
Annual CPI inflation rose to 11.4% in December and 13.1% in January. The central bank believes it will continue to rise in the
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