Russia’s Central Bank decided to cut the key rate for the sixth consecutive time at the first board meeting this year by 0.25 bp to 6% per annum and holds open the prospect of further key rate reduction at its upcoming meetings, the regulator said in a press release on Friday, APA reports citing TASS.
"On 7 February 2020, the Bank of Russia Board of Directors decided to cut the key rate by 25 bp to 6.00% per annum. Inflation slowdown is overshooting the forecast. Households’ inflation expectations and price expectations of businesses remain stable overall. In 2019 H2, the growth rate of the Russian economy picked up," the Central Bank said. "If the situation develops in line with the baseline forecast, the Bank of Russia holds open the prospect of further key rate reduction at its upcoming meetings," the regulator added.