The Bank of Russia is set to further cut its interest rate to the lowest level in the country’s recent history at a meeting later this week, with economists expecting it be reduced by at least 50 basis points.
On Friday, the central bank may announce the third consecutive key-rate reduction this year. The regulator lowered it from 6 percent to the current 5.5 percent – the biggest one-time slash since October 2019 – amid coronavirus lockdown and plunging oil prices in April. Before that, the interest rate was changed by 25 basis points in February.
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