MOSCOW, April 29 (Xinhua) — Russia’s central bank cut its key interest rate by 300 basis points to 14 percent, according to a statement released Friday.
“Risks to prices and financial stability have ceased to rise, so conditions allow for a reduction in the policy rate,” the statement added.
Recent data points to slower rates of price increases, amid a strengthening ruble, and a lull in consumption, according to Russia’s central bank.
The further course of inflation will be shaped by high-impact factors such as the effectiveness of import substitution processes and the extent and speed of the recovery in imports of finished goods, raw materials and spare parts. , explained the central bank.
The monetary policy of the Russian central bank aims to take into account the need for structural transformation of the economy and to ensure a return of inflation to the target in 2024. End
