Russia Lowers Key Interest Rate by 0.5%p to 7.5%... 'Slowing Inflation Trend'

[Image source=Yonhap News]

[Asia Economy Reporter Naju-seok] The Central Bank of Russia lowered its benchmark interest rate by 0.5 percentage points on the 16th (local time).

The Central Bank of Russia decided to cut the benchmark interest rate on this day, bringing it down to 7.5%. The Central Bank cited a slowdown in inflation as the reason for the rate cut.

Previously, the Central Bank of Russia had lowered the benchmark interest rate by 1.5 percentage points to 8% in July.

The Central Bank of Russia stated, "Corporate business conditions are better than initially predicted by the Central Bank in July, but the external environment of the Russian economy remains challenging, and economic activities are constrained."

The Central Bank of Russia projected this year's inflation rate to be between 11% and 13%, which is lower than the 14.3% forecast made in August.

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