Russia’s central bank on Friday cut its key interest rate to 8.5%, the fourth reductions this year as inflation hits a record low, AFP reported. The bank said it took the decision to slice 50 points off the rate after “inflation expectations resumed their decline”. In a statement, the Russian bank said it would “continue to conduct a moderately tight monetary policy” in order to maintain inflation close to 4%. But it also said that “during the next two quarters, the Bank of Russia deems it possible to cut the key rate further.”
