(MENAFN) Russia's central bank lowered its key interest rate by 1 percent to 11.5 percent, marking the fourth cut this year in an easing cycle that came after it raised the rate sharply in December to 17 percent, Xinhua reported.
After the rate decision, Central Bank Governor told reporters that the Russian financial markets were stabilizing and inflation expectations among the population were subduing.
"The bank's board of directors decided to lower the annual key interest rate from 12.5 percent to 11.5 percent, taking into consideration the weakening inflation risks in a considerable cooling economy," the bank said.
As Rosstat predicted the GDP in the first quarter of 2015 to shrink 2.2 percent year on year, a 0.3-percent decrease compared with the forecast made in mid-May, attributed to falling investments.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.