Russia central bank cuts rates

Sounds good; time will tell; in peace


From Business Insider, by Elena Holodny

fish russia moscowFrozen fish is on display at the seafood department of a new outlet of French grocery retailer Auchan on the day of its opening in Moscow, November 28, 2014.REUTERS/Sergei Karpukhin

Russia just slashed rates for the first time in almost a year.

The Central Bank of Russia cut its benchmark one-week repo rate to 10.50%, down from 11%.

Rates have been unchanged since August 2015.

“There is more confidence in the steadily positive trends in inflation dynamics,” the central bank said in the accompanyingstatement.

Additionally, the bank once again noted that future considerations for further rate cuts will be based on estimates for inflation risks.

“Looking ahead, the key point is that today’s move is likely to be the start of a series of interest rate cuts,” wrote Capital Economics’ Neil Shearing and Liza Ermolenko in a note to clients after the…

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