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Bank of Russia to Keep Lowering Key Rate as Inflation Slows

30.04.2015 12:00 / TASS

Today the Bank of Russia Board of Directors passed a decision to lower the key interest rate as of 5 May from 14% to 12.5% p.a., citing decreased inflation risks and remaining risks of significant economy cool-off. As inflation risks keep waning, the Bank of Russia will continue to the key interest rate, says the Central Bank press release.

The statement mirrors the Bank of Russia release following the March 13 Board meeting, when the rate was knocked down from 15 to 14 per cent.

Annual inflation in Russia has decreased little since the CB Board meeting in March – from 16.7% on 10 March to 16.5% on 27 April. Head of the CB Elvira Nabiullina said earlier that the annualized inflation was going down rapidly to 6.7% from over 40% in January and 15% in March.

The next CB Board meeting on monetary policy to review key interest rate is scheduled for 15 June.

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