Russia cuts key rate
Source: Agencies |
August 1, 2015, Saturday
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Print Edition
Print Edition
RUSSIA’S central bank cut its key interest rate by 50 basis points to 11 percent yesterday as expected, saying risks of the economy cooling now outweighed inflation risks.
“The balance of risks shifts towards the considerable economic cooling despite a slight increase in inflation risks,” the bank said in a statement.
The bank also said that an unexpectedly severe contraction in domestic demand in the first half of this year meant that it may revise down its output forecast. The bank had previously forecast a 3.2 percent GDP contraction in 2015.
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