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Financial News: Russia Cuts Key Rate By 25 Bps

Russia Cuts Key Rate By 25 Bps

06/16/2017 - 06:52:00 (RTTNews)

(RTTNews) - Russia's central bank lowered its key interest rate by a quarter point as inflation remains close to the target.

The Board of Directors on Friday decided to reduce the key rate to 9.00 percent from 9.25 percent, the bank said in a statement. The bank had trimmed the rate by 50 basis points in April.

The board noted that inflation is close to the target, inflation expectations keep declining, and economic activity is recovering.

Inflation risks were down in the short term, while they remain in place in the medium term, the bank noted.

The bank said it sees room for cutting the rate in the second half of 2017.

Considering the current recovery trends, the central bank raised its GDP growth rate forecast to 1.3-1.8 percent in 2017. Economic growth is getting closer to its potential level, the bank added.

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