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Russia's central bank cuts interest rate to 14 percent
(MENAFN) Russia's central bank cut its main interest rate to 14 percent from 15 percent as it juggled the need to resuscitate its crisis-hit economy against fears of rising inflation, The Peninsula Qatar reported.
The cut is the second since the start of the year after a huge increase in December that came as authorities scrambled to put a lid on economic turmoil sparked by Western sanctions over Ukraine and tumbling oil prices.
The bank said that it had "decided to reduce the key rate from 15 to 14 percent per annum taking into account that the balance of risks is still shifted towards a more significant cooling of the economy."
The cut is the second since the start of the year after a huge increase in December that came as authorities scrambled to put a lid on economic turmoil sparked by Western sanctions over Ukraine and tumbling oil prices.
The bank said that it had "decided to reduce the key rate from 15 to 14 percent per annum taking into account that the balance of risks is still shifted towards a more significant cooling of the economy."
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