The west garden! Bank of Russia cuts interest rates to pre-sanction levels after inflation slowed
Posted: Mon Jul 11, 2022 9:34 am
The Bank of Russia (CBR) lowered its policy rate on Fridayสล็อตทดลองเล่นฟรีfrom 11 percent to 9.5 percent as the policy committee stressed that inflation in the country showed signs of slowing.
The statement from the Russian Central Bank said: “The external environment for the Russian economy remains challenging. and constraining economic activities But at the same time, inflation is slowing faster than before. And the recession in economic activity is smaller than the Bank of Russia's forecast in April," adding that further interest rate cuts may follow.
The Russian central bank more than doubled interest rates in February from 9.5% to 20% after Russia was hit by the US, EU and other countries. The boycott was unprecedented. The move was aimed at supporting the ruble. which weakened to a record low But now the ruble recovered to the strongest level in years
The Russian central bank also estimates the country's annual inflation rate will range from 14-17% this year, before falling to around 5% and 7% in 2023 and returning to the bank's 4% target. middle in 2024
Earlier in late May The time when the Russian central bank cut interest rates last time Reuters said that The ruble was driven by capital control measures. artificially strengthened The ruble was also supported by gas payment conditions that forced the conversion of foreign currency into rubles. and lower import numbers
Meanwhile, the ruble was also driven by the tax period at the end of the month. where export-oriented companies are seen exchanging foreign currency for rubles