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Russia’s central bank cut its key interest rate Thursday following an emergency meeting, as authorities seek to rein in the rouble which has surged in value despite the conflict in Ukraine.
The Bank of Russia slashed the rate to 11 per cent from 14 per cent, saying external conditions for the economy remained “challenging, considerably constraining economic activity.”
The policy-setting meeting was originally set to take place on June 10 but the central bank surprised the market by announcing Wednesday that an extraordinary meeting would take place the next day.
“Financial stability risks decreased somewhat, enabling a relaxation of some capital control measures,” it said in a statement on Thursday.
(TDS)
