Bank of Russia cuts rates to record low
Governor argues monetary stimulus will offset fiscal consolidation efforts in 2021–22
The Bank of Russia continued its easing cycle in a bid to offset deflationary pressures and dampen the impact of the government’s fiscal consolidation plan.
The institution’s board of directors decided today (July 24) to reduce the key rate by 25 basis points to a record low of 4.25%. Since July 2019, the Russian central bank has reduced rates by 300 basis points, a process accelerated by the Covid-19 crisis.
“The recovery of the global and Russian economies will be gradual despite the fact
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