The Central Bank of Russia lowered the policy interest rate by 300 basis points to 11 percent.
The Central Bank of Russia lowered the policy rate above expectations. The Central Bank of Russia cut the policy rate by 300 basis points to 11 percent in the extraordinary meeting. In the Bloomberg survey, the expectation was set at 11.50%.
The bank signaled that it would also evaluate the interest rate cut in the upcoming meetings.
“Annual inflation decreased faster than the central bank forecasts in April,” the Central Bank of Russia said in its interest rate decision. After the war, the Central Bank of Russia increased the policy rate to 20 percent with a shock rate increase and then made gradual reductions.
