Bank of Russia cuts rates again
Central bank says inflationary pressures are falling but economy faces considerable constraints
The monetary policy committee of Russia’s central bank cut its policy rate again by 300 basis points today (May 26), to 11%.
This is its second 300bp cut after the MPC, led by governor Elvira Nabiullina, dramatically tightened rates on February 28 by 1,050 basis points. That emergency move was a response to foreign countries’ imposition of sanctions after Russia’s invasion of Ukraine.
The Bank of Russia said in a statement today that inflation rose to 17.8% year-on-year in April. But it said
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