Bank of Russia decides not to save ruble with key rate cut

Bank of Russia decides not to save ruble with key rate cut

The Bank of Russia Board of Directors decided to keep the key rate at 6% per annum, the regulator said in a press release following the board’s meeting today.

"On 20 March 2020, the Bank of Russia Board of Directors decided to keep the key rate at 6.00% per annum. In February - March, the situation has been developing with a significant deviation from the Bank of Russia’s forecast under the baseline scenario. This is related to changes in external conditions: the spread of the coronavirus epidemic and a sharp drop in oil prices," the regulator said.

The Bank of Russia noted that in its key rate decision-making it will take into account actual and expected inflation dynamics relative to the target and economic developments over the forecast horizon, as well as risks posed by domestic and external conditions and the reaction of financial markets.

The next meeting of the Board of Directors of the Central Bank, at which the key rate will be discussed, will be held on April 24, 2020.

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