Russia's Central Bank Cuts Key Interest Rates

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Monday, Russia's central bank lowered its key interest rates by a quarter percentage point, the sixth cut since April this year.

The central bank lowered its refinancing rate to 10.50% from 10.75% and reduced its repurchase rate to 9.5% from 9.75%, effective from Tuesday.

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

Monday, Russia's central bank lowered its key interest rates by a quarter percentage point, the sixth cut since April this year. (Market News Provided by RTTNews)