Russian Central Bank Cuts Interest Rates

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The Russian central bank reduced its interest rates by 25 basis points on Friday.

In a cautious move, the central bank reduced the refinancing rate to 10.75% from 11%, effective from August 10. Since April 2009, the central bank has slashed rate altogether by 225 basis points in five instances.

Other key rates are also slashed by 25 basis points. The central bank added that banks' lending activity remains low and rates for most borrowers are high, stalling the recovery of economic growth.

The Russian central bank reduced its key interest rates by 25 basis points on Friday. (Market News Provided by RTTNews)