Russia's central bank lowers the interest rate by 0.5 percentage points to 16.50 percent. Economists had, according to Bloomberg's compilation, expected a reduction to 16 percent.
This will be the fourth interest rate cut this year from the central bank. Last autumn, the interest rate was shock-raised to 21 percent, which is higher than the peak of the Russian interest rate in 2022, in connection with Russia launching its full-scale attack on Ukraine.
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