Bank of Russia cuts key rate to 7.5%

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© Mikhail Pochuev/TASS

MOSCOW, June 14. /TASS /. Bank of Russia has cut its key rate by 25 bp to 7.5% per annum, for the first time since March 2018, the regulator said in a press release following the board of directors meeting.

“On 14 June 2019, the Bank of Russia Board of Directors decided to cut the key rate by 25 bp to 7.50% per annum. Annual inflation slowdown is continuing. In May, households’ inflation expectations and business price expectations did not materially change and remain elevated. Economic growth in the first half of 2019 is lower than the Bank of Russia’s expectations. Short-term proinflationary risks have abated compared to March,” the regulator said.

The ruble slightly strengthens against the dollar and the euro on the Moscow Stock Exchange after Bank of Russia’s decision to lower key rate by 25 pp per annum, for the first time since March 2018, according to the Moscow Exchange data.


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