Russia’s central bank cuts key rate for 10th time in a row — to 14%

Source: Bank of Russia

Russia’s central bank cut its key rate by 25 basis points, to 14%.

The bank attributed the cut to a “moderate pace” of economic growth since the start of the year, rising inflation expectations among the public, businesses, and financial markets, and a slowdown in lending activity.

The cut marks the central bank’s 10th consecutive rate reduction. It last lowered the key rate in June, from 14.5% to 14.25%.

The central bank’s next rate-setting meeting is scheduled for August 5.

According to RBC, experts had expected the Bank of Russia to hold its key rate at 14.25% amid accelerating inflation in Russia, driven in part by rising fuel prices.

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Russia’s central bank cuts key rate for 10th time in a row — to 14%

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