Moscow-Sana
Today, the Russian Central Bank cut the main interest rate by 3 percent to 11 percent annually, in a decision that contradicted market expectations.
According to TASS, the central bank said in a statement after an emergency meeting of its board of directors today: “The board of directors of the Russian Central Bank decided to reduce the main rate, starting from the 27th of this May, by 300 basis points to 11 percent annually.”
The central bank suggested the possibility of reducing the main interest rate again in the upcoming meetings, pointing to the slowdown in the annual inflation rate in Russia.
With regard to external pressures, the Russian Central said that the external conditions of the Russian economy are still difficult, but at the same time, risks to financial stability have decreased slightly.
The decision of the Russian Central Bank today contradicted the expectations of economists, who expected the Central Bank to cut the interest rate by between 1 and 2 percent.
On the 28th of last February, the Russian Central Bank raised the main interest rate to a historical level of 20 percent to support the Russian currency, before it gradually declined.
Follow Sana's news on Telegram https://t.me/SyrianArabNewsAgency