Bank of Russia cuts rates, but Nabiullina warns of volatility
Governor says inflation and currency are volatile, and “geopolitical situation” is creating uncertainty
Russia’s central bank board cut its policy rate at a third consecutive meeting on July 22, lowering it by 150 basis points to 8%.
Official figures show Russia’s year-on-year inflation fell in June for a second consecutive month, to 15.9% from this year’s high point of 17.8% in April. But Bank of Russia governor Elvira Nabiullina warned both inflation and the ruble’s exchange rate were becoming more volatile, while economic activity was facing challenges.
The board’s statement listed several
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