Russia's central bank cuts interest rate to 11%
Russia's central bank has cut interest rates despite inflation fears
Moscow - AFP
Russia's central bank on Friday cut interest rates by 50 basis points to 11 percent, shrugging off inflation fears after a recent slide in the ruble to make the fifth reduction this year.
The change was made "taking into account that the balance of risks is shifting towards considerable economic cooling despite a slight increase in inflation risks," the Bank of Russia said in a statement.
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