Central bank reduces key rate by 3 pp to 11% annually

MOSCOW, May 26 (PRIME) -- The Russian central bank has reduced the key rate by 3 percentage points to 11% at an extraordinary meeting of the board of directors on Thursday, the regulator said in a statement.

“The board of directors of the central bank has decided to decrease the key rate by 300 basis points to 11% annually from Friday. The latest weekly data has showed significant deceleration of the current growth of prices,” the statement read.

The central bank urgently increased the key rate by 10.5 percentage points to 20% at the end of February over Western sanctions against Russia that followed the start of its special military campaign in Ukraine. In late April, the key rate was lowered to 14%.

The next meeting of the central bank’s board of directors is scheduled for June 10.

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