The Russian central bank has slashed its key interest rate amidst a decline in inflationary pressure and recovery of the ruble, the bank announced on Thursday.
The Bank of Russia’s board of directors has cut the key rate by 300 basis points to 11 percent per year, a May 26 press release said. The rate cut is effective from May 27, 2022. There has been a “significant slowdown” in the current price growth rates according to the latest weekly data.
