The Central Bank of Russia announced that it has reduced its key interest rate by 300 basis points to 14 per cent.
"With price and financial stability risks no longer on the rise, conditions have allowed for the key rate reduction," Xinhua news agency quoted the bank as saying on Friday.
Recent data has demonstrated a slowdown in price growth rates against the backdrop of the strengthening of the ruble, and a cooling of consumer activity, it said.
Further inflation movements will be shaped by such impactful factors as the efficiency of import substitution processes and the scale and speed at which imports of finished goods, raw materials and components will be recovering, according to the central bank.
The bank's monetary policy aims to take into account the need for a structural transformation of the economy and will ensure a return of inflation to target in 2024.
--IANS
ksk/
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU