Russian Central Bank Cuts Key Interest Rate to 4.50%... Impact of COVID-19 and Others

[Asia Economy Reporter Kim Hyung-min] The Central Bank of the Russian Federation lowered the benchmark interest rate on the 19th.

The bank announced the benchmark interest rate at 4.50% on that day. This is 1% lower than the 5.50% announced in April.

This decision appears to be linked to the recent internal situation in Russia, including the failure to control the spread of the novel coronavirus infection (COVID-19).

On the same day, the daily new confirmed COVID-19 cases in Russia remained in the 7,000 range for three consecutive days. The cumulative confirmed cases approached 570,000.

The Russian government's COVID-19 prevention and control headquarters stated that "in the past day, 7,972 additional confirmed cases were reported in 83 regions nationwide, including the capital Moscow, bringing the cumulative confirmed cases to 569,063."

In Moscow alone, 1,136 new confirmed cases were reported, bringing the cumulative confirmed cases to 211,921.

The nationwide COVID-19 death toll increased by 181 in one day, reaching 7,841.

This content was produced with the assistance of AI translation services.