Russian Central Bank Continues to Lower Key Rate, Reaching 6 Percent
Posted on 02/07/2020
The Central Bank of Russia moved to lower its key rate for the 6th consecutive time at the first board meeting this year by 25 basis points to 6% per annum.
“On 7 February 2020, the Bank of Russia Board of Directors decided to cut the key rate by 25 bp to 6.00% per annum. Inflation slowdown is overshooting the forecast. Households’ inflation expectations and price expectations of businesses remain stable overall. In 2019 H2, the growth rate of the Russian economy picked up,” the Central Bank said. “If the situation develops in line with the baseline forecast, the Bank of Russia holds open the prospect of further key rate reduction at its upcoming meetings,” the regulator added.