Home / oil price / xinhuanet said : Russia trims key interest rate further by 0.25 percentage points – Xinhua

xinhuanet said : Russia trims key interest rate further by 0.25 percentage points – Xinhua

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Source: Xinhua| 2017-06-16 22:04:40|Editor: MJVideo Player CloseMOSCOW, June 16 (Xinhua) — The Russian central bank lowered its key interest rate by 0.25 percentage points to 9 percent on Friday, its third rate cut this year, citing curbed inflation and economic recovery.
“Annual inflation stood at 4.1 percent in May keeping close to the target,” the bank said in a statement.
The Russian central bank cut its interest rate by half a percentage point to 10.5 percent in June 2016, which was a first reduction since August 2015, and further cut the rate to 10 percent in September 2016, to 9.75 percent in March and to 9.25 percent in April.
“The Bank of Russia will continue to conduct moderately tight monetary policy to maintain inflation close to the 4 percent target,” it said.
According to the document, the central bank had raised its gross domestic product (GDP) growth rate forecast to 1.3-1.8 percent this year from the 1.0-1.5 percent predicted earlier, adding that a GDP annual growth rate higher than 1.5-2.0 percent was possible if structural reforms took place in the country.

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Russia’s Central Bank cuts key rate to 9%

Russia’s Central Bank cuts key rate to 9%

By TrendBoard of Directors at Russia’s Central Bank decided to cut the key rate to 9 percent per annum, the bank said, TASS reported.
The bank added it sees room for cutting the key rate in the second half of 2017.
The Bank of Russia will continue to conduct moderately tight monetary policy to maintain inflation close to the 4 percent target,” said the bank.
The Board noted that inflation is close to the target, inflation expectations keep declining and economic activity is recovering.
“While making its decision hereinafter, the Bank of Russia will assess inflation risks, the inflation dynamics and economic developments against the forecast,” reads the message.

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Russian central bank cuts key rate to 9pc

MoscowRussia’s central bank decreased its key interest rate to 9 percent from 9.25 percent in line with its policy to gently invigorate the country’s economy.
The task of Russia’s central bank is to make sure that inflation expectations keep falling in the economy, she said.
“The Bank of Russia Board of Directors decided to cut the key rate to 9 percent per annum,” the bank said in a statement.
Nabiullina also said new inflation risks have appeared recently, and that external economic conditions were likely to remain unstable.—AgenciesShare this: PrintEmailTweet
Meanwhile, Elvira Nabiullina, the banks’ governor, said that the central bank was keeping its oil price forecast at $50 per barrel this year and believed it would go down to $40 per barrel in 2018-2019.

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