Central Bank of Russia lowers key rate

12:21 - 26.05.2022


May 26, Fineko/abc.az. The Bank of Russia at an extraordinary meeting of the Board of Directors lowered the key rate by 3 percentage points at once.

ABC.AZ reports that the Central Bank of Russia cut the interest rate to 11%.

"Bank of Russia’s Board of Directors decided to reduce the key rate from 27 May 2022 by 300 p.p., up to 11.00% per annum. The latest weekly data indicate significant slowdown in the current rate of price growth. The dynamics of the ruble exchange rate along with a noticeable decrease in inflation expectations of the population and business contribute to the weakening of inflationary pressure," the Central Bank of Russia said in a statement.

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