The Bank of Russia announced on Friday that it will be cutting key interest rates by 300 basis points to 17% starting April 11, APA reports citing Tele Trader.
"Today’s decision reflects a change in the balance of risks of accelerated consumer price growth, decline in economic activity and financial stability risks. In its further key rate decisions, the Bank of Russia will take into account risks posed by external and domestic conditions and the reaction of financial markets, as well as actual and expected inflation dynamics," the statement read.
Bank officials asserted that the precarious external conditions have challenged and constrained the Russian economy and exacerbated financial stability risks. They further said that "annual inflation will continue to rise due to the base effect."
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