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Financial News: Russia's Central Bank Keeps Rate On Hold

Russia's Central Bank Keeps Rate On Hold

09/18/2020 - 07:01:00 (RTTNews)

(RTTNews) - Russia's central bank left its key interest rate unchanged at a record low as widely expected after cutting the rate by 200 basis points so far this year.

The Board of Directors, led by Governor Elvira Nabiullina, on Friday decided to retain the benchmark rate to 4.25 percent.

The bank had reduced the rate by 25 basis points in July and 100 basis points in June.

The bank said it will consider the necessity of further rate cuts at the upcoming meetings.

Policymakers observed that inflation was somewhat higher than expected in recent months due to the active recovery in demand and the weakening of the ruble. In August, inflation rose to 3.6 percent from 3.4 percent in July.

According to the central bank, inflation will remain between 3.7 to 4.2 percent this year, 3.5-4 percent in 2021 and will move close to 4 percent in period ahead.

The economy contracted 8 percent in the second quarter due to the coronavirus containment measures. However, activity is forecast to rebound once restrictive measures were eased.

Once the first stage of economic recovery growth has petered out, the increase in economic activity will continue in a more gradual manner, the bank said.

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