Russia Central Bank Slashes Key Policy Rate

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Russia's central bank reduced its key interest rates by 50 basis points, the seventh cut since April 2009.

The central bank lowered its refinancing rate to 10% from 10.5%, with effect from September 30. The central bank had slashed its key policy rate by 25 basis points from 10.75% on September 14.

The Russian economy contracted 10.9% year-on-year in the second quarter, much quicker than a 9.8% fall in the previous quarter.

Russia's central bank reduced its key interest rates by 50 basis points, the seventh cut since April 2009. (Market News Provided by RTTNews)