June 19, 2020

The Central Bank of Russia on Friday cut interest rates by 100 basis points to 4.5%, their lowest level since the fall of the Soviet Union, as it looks to shore up an economy reeling from the impact of the coronavirus pandemic. 

The CBR had already cut rates by 50 basis points in April, and suggested that it could further reduce lending costs as inflation risks remain low and the economy continues to contract. Russian GDP (gross domestic product) plunged 28% in April.

In a statement, the CBR said that disinflationary factors have been “more profound than expected due to a longer duration of restrictive measures in Russia and across the world.”

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https://www.cnbc.com/2020/06/19/russia-cuts-interest-rates-to-a-post-soviet-union-low.html