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Financial News: Russia Cuts Key Rate By 25 Bps

Russia Cuts Key Rate By 25 Bps

02/07/2020 - 06:01:00 (RTTNews)

(RTTNews) - Russia's central bank lowered its key interest rate, as widely expected, on Friday.

The Board of Directors, led by Governor Elvira Nabiullina, decided to cut the key rate by 25 basis points to 6.00 percent, the Bank of Russia said in a statement.

The bank last reduced its rate by a quarter-point in December.

Policymakers said inflation slowdown is overshooting the forecast. Disinflationary risks still exceed pro-inflationary risks over the short-term horizon, the bank said.

Given the monetary policy stance, annual inflation is expected to come in at 3.5-4.0 percent in 2020 and to remain close to 4 percent further on.

"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 bank said.

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