MOSCOW, Russia: The Russian central bank has cut its key interest rate by 300 basis points for a third time since its emergency hike in late February, citing cooling inflation and a recovery in the ruble.
Russia's central bank on Friday left its key interest rates unchanged at 21%, citing monetary tightness as Moscow wages an ongoing battle with sky-high inflation.
"Monetary conditions tightened more significantly than envisaged by the October key rate decision," the bank said, noting factors "autonomous" from its monetary policy.
"Given the notable increase in interest rates for borrowers and the cooling of credit activity, the achieved tightness of monetary conditions creates the necessary prerequisites for resuming disinflation processes and returning inflation to the target, despite the elevated current price growth and high domestic demand," it added.
This breaking news story is being updated.
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