Investing.com - The Central Bank of Russia lowered its benchmark interest rate more than expected on Thursday, taking account of lower inflation risks and persistent risks of considerable economic cooling.
The CBR said it was cutting the benchmark interest rate by 150 basis points to 12.50% in April from 14.0% in March. Most analysts expected a cut of 100 basis points to 13.0%.
The Bank of Russia forecast consumer price growth will slow down faster than expected. Annual inflation will fall to less than 8% in a year and to the target of 4% in 2017.
As inflation risks abate further, the Bank of Russia will be "ready to continue cutting the key rate", it said in a statement.
USD/RUB fell to as low as 51.141 following the announcement from 51.739 earlier, before trading at 51.231, up 0.37%.
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Russia's central bank cuts key interest rate to 12.5% from 14.0%
Published 04/30/2015, 06:43 AM
Russia's central bank cuts key interest rate to 12.5% from 14.0%
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