Russia Cuts Key Rate to 14.5 Percent as Oil Forecast Rises
The Bank of Russia reduced its key rate by 50 basis points on Friday despite a recent economic contraction. Officials raised oil price forecasts to 65 dollars.
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The central bank of Russia has opted for a cautious approach to monetary policy, reducing its key interest rate by 50 basis points to 14.5% on Friday. The decision met analyst expectations but fell short of the aggressive cuts demanded by domestic business leaders seeking to stimulate an economy that contracted by 1.8% during the first two months of the year.
