Central Bank decided to cut key rate to 11% per annum
On May 27, the Board of Directors of the Bank of Russia decided to cut the key rate by 3 percentage points to 11% per annum. The press service of the Central Bank reports.
"The latest weekly data testify to a significant slowdown in current price growth rates. The trend of the ruble exchange rate, along with a noticeable decrease in household and business inflation expectations, contribute to the weakening of inflationary pressure. Annual inflation in April reached 17.8%, however, according to May 20, it slowed down to 17.5%, declining faster than the April forecast of the Bank of Russia," the regulator said in a statement.
At the same time, it is specified that the external conditions for the Russian economy remain difficult, which significantly limits economic activity.
The next meeting of the Board of Directors of the Bank of Russia, which will consider the issue of the key rate level, is scheduled for June 10, 2022.
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