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Financial News: Russia Cuts Key Rate By 25 Bps

Russia Cuts Key Rate By 25 Bps

10/27/2017 - 06:48:00 (RTTNews)

(RTTNews) - Russia's central bank lowered its key interest rate by a quarter point after cutting half a percentage point at the previous meeting.

The Board of Directors decided to cut the key rate by 25 basis points to 8.25 percent, the Bank of Russia said in a statement on Friday. The reduction was in line with economists' expectations.

The bank left open the option of further rate reduction at its upcoming meetings.

Given the balance of risks for inflation, the Bank of Russia's ongoing transition from moderately tight to neutral monetary policy will be gradual, the bank said.

Inflation remained close to 4 percent. The bank noted that the downward deviation from the forecast reflects temporary factors.

Inflation is projected to be close to 3 percent by late 2017. Going forward, as the temporary factors run their course, it will approach 4 percent, the bank said.

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