Bank of Russia cuts key rate by 300 basis points to 17%

  • The external environment of the Russian economy remains difficult
  • Risks to financial stability are still present but have ceased for the time being
  • Keeps open the prospect of a further reduction in the key interest rate at the next meetings

The move comes as the ruble has made quite a remarkable recovery over the past few weeks and is stabilizing at levels close to levels seen before the Russian invasion of Ukraine:


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