Russia Cuts Key Interest Rate Again After One Month to 4.25%
[Asia Economy Reporter Jeong Dong-hoon] The Central Bank of Russia once again cut its benchmark interest rate on the 24th (local time), following a reduction last month.
According to TASS news agency and others, after the regular board meeting to decide the benchmark interest rate, the Central Bank announced, "We have decided to lower the benchmark interest rate by 0.25 percentage points to an annual rate of 4.25%." This rate corresponds to the lowest level ever recorded.
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The Central Bank explained the reason for the rate cut, stating, "Factors suppressing price increases are having a significant impact on the inflation rate," while adding, "As (COVID-19) restrictions are eased, economic activity recovery is being promoted, and the recovery of the global and Russian economies is gradually taking place."
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