Bank of Russia downgrades the key rate

Moscow. 15 December. REPORT.AZ/ The Bank of Russia Board of Directors made a decision to cut the key rate to 7.75% from 8.25% on December 15, Report informs referring to the RIA Novosti.

“The inflation is at the level of 2.5% and will eventually approach to 4% by late 2018.

The extension of the agreement on cutting oil output decreases the inflationary risks till the year end. Considering that the Bank of Russia lowered its key rate by 0,50 basis points,” stated the website of the Bank.

The decision of Bank of Russia differs from the forecast of financial markets which expected that key rate will be cut by 25 basis points.

Report informs, amid the news Russian ruble down by 0,43% making 59 RUB/USD.