Russia's central bank cuts interest rate by 0.5%

15 Sep 2017 01:13 PM

The Russian central bank cut interest rates this morning to 8.5%. The most prominent of its statement were as follows:

  • There may be further cuts in interest rates over the next two quarters.
  • Inflation is approaching 4% while the economy continues to grow.
  • The risk of inflation overshooting 4% over the medium term is dominated conditions rather than inflation deflection away from the target.
  • Food prices will remain a source of volatility in the CPI.
  • The CPI may remain at 3.2% until the end of this year.
  • We will continue to tighten monetary policy at a moderate pace.

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