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Russia Lowers Interest Rate Once More
The Bank of Russia, which reduced its key interest rate by half a point to 10.5% in June, has lowered the rate to 10%.
The central bank vows no further cuts this year.
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The Bank of Russia, which reduced its key interest rate by half a point to 10.5% in June, has lowered the rate to 10%.
The central bank vows no further cuts this year. But it says it may make additional reductions in the first and second quarters of 2017.
Analysts say today’s reduction is intended to control further contraction of the Russian economy. The country’s gross domestic product shrank 3.7% last year and it likely to drop 0.5% in 2016. The central bank predicts Russia's economy will grow about 1% next year.
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