Russia cuts interest rates as financial system stabilizes

Russia’s central bank lowered its benchmark rate following an unscheduled meeting of policymakers on Friday, a sign that efforts to stabilize the country’s financial system are bearing fruit.

In a statement announcing the key rate cut to 17% from 20%, the Bank of Russia said the ruble’s rebound after steep losses in the days immediately following the February 24 invasion had reduced the risk that the inflation rises sharply.


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