Central Bank’s key interest rate goes down by 1.5%
5 May 2015 (09:06)
May 5, 2015. The Bank of Russia decreased its refinancing rate by 1.5%, that is, down to 12.5%, the bank’s official website states.
The bank decided to raise the rate by as many as 6.5% at once, up to 17%, in December 2014. This had to do with the need ‘to limit the dramatically increased devaluation and inflation risks’.
In January 2015, the rate was reduced by 2%, from 17% down to 15%. In March, the CBR Board of Directors decided to reduce the rate by another 1%, down to 14%.
The bank decided to raise the rate by as many as 6.5% at once, up to 17%, in December 2014. This had to do with the need ‘to limit the dramatically increased devaluation and inflation risks’.
In January 2015, the rate was reduced by 2%, from 17% down to 15%. In March, the CBR Board of Directors decided to reduce the rate by another 1%, down to 14%.
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