Russia Cuts Key Interest Rate from 9.5% to 8.0%
Lower Than Expected 9.0%
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[Asia Economy Reporter Hyunju Lee] On the 22nd (local time), the Central Bank of Russia lowered its benchmark interest rate by 1.5 percentage points from 9.5% to 8%.
This follows the Central Bank of Russia's previous cut on the 10th of last month, when it reduced the benchmark interest rate from 11% to 9.5%, another 1.5 percentage point decrease. The new rate is even lower than experts' expected 9.0%.
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The Central Bank of Russia had sharply raised the benchmark interest rate to 20% amid economic turmoil caused by sanctions related to the Ukraine war. Since April, it has been steadily lowering the benchmark interest rate.
This content was produced with the assistance of AI translation services.
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