Russian Central Bank Makes Surprise Interest Rate Cut
International Business Times
Published Jan 30, 2015 06:04AM ET
Updated Jan 30, 2015 06:31AM ET
Russian Central Bank Makes Surprise Interest Rate Cut
By Reuters -
(Reuters) - Russia's central bank cut its key interest rate by two points to 15 percent on Friday, as the economy slides towards recession because of a collapse in global oil prices and Western sanctions over the Ukraine crisis.
The central bank said in a statement it was reducing its one-week minimum auction repo rate, which had been 17 percent, seeing conditions for a reduction in inflation in the medium-term.
The bank hiked its key rate by a total of 11.5 percentage points last year in response to panic on the currency market and soaring inflation, which reached 11.4 percent in December.
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Written By: International Business Times
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