Bank of Russia Cuts Key Interest Rate to 9.75%
Having previously cut its interest rate by six percentage points during the first seven months of 2015 and by an additional 50 basis points each in June and September of last year, most analysts were not anticipating further easing at this time. A released statement concedes that inflation risks “remain elevated.” Nonetheless, the ruble has appreciated strongly of late, and such has promoted a quicker drop of inflation than assumed earlier. Expected inflation also has settled lower, and officials now projected that the 4% inflation target will be attained sooner than the end-2017 date they were expecting earlier. Today’s statement includes forward guidance suggesting more rate relief: “the Bank of Russia admits the possibility of cutting the key rate gradually in coming Q2-Q3.”
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