The Bank of Russia decided to cut its key rate by 300 basis points from 20% to 17%. This was reported on the website of the regulator.
“Today’s decision reflects a change in the balance of risks of accelerating consumer price growth, a slowdown in economic activity and risks to financial stability,” the Central Bank says.
The previous change in the key rate took place on February 28, at the fourth day of the war in Ukraine. It was sharply increased from 8.5% to 20%. At the same time, mortgage rates increased, the dollar and euro exchange rates renewed their historical highs, exceeding 120 and 130 rubles, respectively. Buyers are faced with a serious increase in prices for basic products.
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