MOSCOW, April 24.
/TASS/. The Bank of Russia reduced the key rate by 50 basis points at once for
the first time since October 2019 to 5.5% per annum, the regulator said in a
statement following its board meeting on Friday.
"On 24 April
2020, the Bank of Russia Board of Directors decided to cut the key rate by 50
bp to 5.50% per annum. Since the March Board of Directors meeting, the
situation has changed dramatically. Significant restrictive measures have been
introduced to combat the coronavirus pandemic both in Russia and across the
world, which negatively influences economic activity," the statement said.
This creates material
and prolonged disinflationary influence on price dynamics from the aggregate
demand perspective, which offsets the effect of temporary pro-inflationary
factors, including those related to the fall in oil prices, the regulator
added.
Source: ITAR-TASS
25-04-2020
