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Russian central bank cuts key interest rate to 7%

UNITED STATES, WASHINGTON (OBSERVATORY) — Russia’s central bank cut its key interest rate by 25 basis points to 7 percent on Friday, the third cut in borrowing costs this year, and said another rate cut was possible at one of its next three meetings.

The rate cut comes amid a slowdown in inflation and stagnant economic growth, which prompted the central bank to cut its GDP forecast.

Announcing the rate cut, Central Bank Governor Elvira Napolina said the bank would consider cutting the key interest rate soon.

But she declined to comment on whether the central bank was ready to cut interest rates at its next meeting in October and then in December.

“The main interest rate cut is likely at one of the next (three) meetings,” she said.

The central bank revised down its forecast for economic growth this year to a range of 0.8-1.3 percent from its previous estimate of 1.0-1.5 percent.

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