Russia lowers key interest rate to 11% from 14%, third cut since early April
Russia’s central bank cut its key interest rate for a third time since early April as it sought to steady a strengthening ruble and support a faltering economy.
The initial hike to 20% from 9.5% in late February was intended to support a rapidly weakening ruble USDRUB, -0.04% and limit a surge in inflation as imports became more expensive. But the ruble has since regained lost ground and made some gains as Russia’s foreign currency revenues from exports of oil and gas have surged thanks to higher prices.
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