Russia’s central bank cuts key interest, citing decreased stability risks

MOSCOW, Russia: The Russian central bank has implemented a range of capital controls in a bid to support domestic assets and the ruble currency, as international sanctions squeeze the economy following Russia’s invasion of Ukraine.KIRILL Kudryavtsev | AFP | Getty ImagesThe Central Bank of Russia on Thursday cut its key interest rate from 14% to 11%, citing a slowdown in inflation and the recovery of the ruble.Following an extraordinary meeting, policymakers opted for another 300 basis point cut, the Bank’s third since an emergency hike of the key rate from 9.5% to 20% in the immediate aftermath of Russia’s invasion of Ukraine and the imposition of punitive sanctions by Western powers.This is a breaking news story, please check back later for more.

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