The Central Bank lowered the key rate to 11%

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The Central Bank lowered the key rate to 11%
The Central Bank lowered the key rate to 11%
26 May, 18:01EconomyPhoto: 1MI
The Bank of Russia lowered its key rate from 14% to 11% per annum (by 300 basis points) following an unscheduled meeting.

"The latest weekly data indicate a significant slowdown in the current rate of price growth", - the regulator stated.

It's worth to note that the US dollar and the euro on the eve of the Moscow Exchange rose by more than 5% - in anticipation of a meeting at the key rate. Before that, both currencies were falling amid expectations of tax revenues from exporters. Experts attribute the strengthening of Western currencies to the regulator's statement to hold an extraordinary meeting of the Board of Directors of the Central Bank on May 26. It will decide on the key rate.

Let us remind that earlier, due to the increase in the key rate of the Central Bank of the Russian Federation, the mortgage market shrank in the country.

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