The Russian central bank slashed its key interest rate Friday just a month after dropping it to where it was before sending troops into Ukraine, saying inflation is still easing partly as consumer demand falls.
As sanctions and the exit of Western companies from Russia have led to global economic isolation, the central bank has managed to stabilize the currency and financial system by preventing money from leaving Russia and forcing exporters to exchange most of their foreign earnings into rubles.
The bank said annual inflation fell to 15.9% in June, compared with 17.1% in May, and estimated it slid to 15.5% as of July 15. It cited “subdued consumer demand” and the ruble's exchange rate for the drop. The bank expects inflation to keep going down - to 12-15% this year, to 5-7% in 2023, and 4% in 2024.
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