The Central Bank of Russia cuts the policy rate to 9.5 percent

In a statement made by the bank, it was stated that external conditions for the Russian economy remained challenging and hindered growth.

In the statement, it was noted that the increase in inflation slowed down, and that the Russian ruble strengthened and the contraction in the economy was milder than expected.

In the statement, which stated that the abnormal increase in consumer demand also came to an end, the Central Bank of Russia decided to lower the policy interest rate by 150 basis points to 9.5 percent. If the situation in the economy progresses in line with the forecasts, additional interest rate cuts will be considered at the next meetings. statements were included.

The Central Bank of Russia increased the policy interest rate from 9.5 percent to 20 percent on February 28 due to the sanctions of Western countries. The bank had finally reduced the interest rate to 11 percent at the meeting held on May 26.