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Russian key lending rate reduced to 6 percent
(MENAFN)
The central bank of Russia has announced on Friday that it has lowered its key lending rate by 0.25 percent to set at 6 percent as the slowdown in inflation continued to overshoot the estimate.
The bank said that the poor inflation came due to an increase in food goods supply which resulted in a drop in the prices of food, this left the import prices expansion limited and resulted in a subdued demand.
The bank said that the yearly inflation has dropped from 3.1 percent in December of 2019 to set at 2.7 percent in January, keeping its prediction for inflation in the year 2020 at 3.5 to 4 percent.
The bank has also kept its gross domestic product expansion prediction at 1.5 to 2 percent in the current year 2020, 1.5 to 2.5 percent for 2021 and 2 to 3 percent for 2022.
The central bank of Russia has announced on Friday that it has lowered its key lending rate by 0.25 percent to set at 6 percent as the slowdown in inflation continued to overshoot the estimate.
The bank said that the poor inflation came due to an increase in food goods supply which resulted in a drop in the prices of food, this left the import prices expansion limited and resulted in a subdued demand.
The bank said that the yearly inflation has dropped from 3.1 percent in December of 2019 to set at 2.7 percent in January, keeping its prediction for inflation in the year 2020 at 3.5 to 4 percent.
The bank has also kept its gross domestic product expansion prediction at 1.5 to 2 percent in the current year 2020, 1.5 to 2.5 percent for 2021 and 2 to 3 percent for 2022.
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