• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

Russia slashes key interest rate by 150 basis points in shock move

3 years ago
in Business, Economy, Features, highlights, Home, home-news, latest News, Markets
2 min read
0 0
0
46
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Russia slashes key interest rate by 150 basis points in shock move

Russia’s central bank on Friday cut its key interest rate by a bigger-than-expected 150 basis points, as the country deals with a strong currency, cooling inflation and a possible recession.

The move takes the key rate to 8% from 9.5%; analysts had expected a rate reduction of 50 basis points, according to a Reuters poll.

“The external environment for the Russian economy remains challenging and continues to significantly constrain economic activity,” the bank said in a statement, while noting that the decline in business activity is slower than it had expected in June.

It is the fifth rate cut by the Central Bank of Russia so far this year after an emergency hike from 9.5% to 20% in late February, following Moscow’s invasion of Ukraine.

In June, it reduced the rate by 150 basis points to 9.5% — the level it was at when the invasion began.

In a statement Friday, the CBR said a further slowdown in inflation was due to both “the influence of a set of one-off factors and the subdued consumer demand.”

RelatedPosts

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes

GACL Terminates Evatex Revenue Assurance Contract Amid OSP Probe

Cyber Security Authority Flags Rising Mobile Data Scam, Cautions Public

Annual inflation fell to 15.9% in June from 17.1% in May, and was last estimated at 15.5% as of July 15.

The bank said its future decision-making on the key rate will be guided by inflation dynamics relative to its target and “economic transformation processes,” as it looks to overhaul its economy to adapt to long-term, severe economic sanctions from Western powers.

The CBR said it will consider the necessity of a further key rate reduction in the second half of 2022, and sees inflation edging down to between 12% and 15% this year, before dropping to 5%-7% in 2023 and returning to its 4% target in 2024.

“The central bank clearly did not feel the need to slow the pace of rate cuts given the easing of inflation risks and the extent of the hit to economic activity,” said Liam Peach, senior emerging markets economist at Capital Economics.

“That said, we think further cuts will be more gradual going forward. Russia’s 12-month ahead inflation-adjusted policy rate is now less than 3%, which is its average over 2016-19.”

Peach suggested that the large moves in rates are now in the rearview mirror and that cuts of 100 basis points or lower are more likely going forward.

“Overall, we now expect the policy rate to end this year at 7.00% (previously 7.50%) and 2023 at 5.50%, which is lower than most expect,” he added.

Tags: Russia slashes key interest rate by 150 basis points in shock moveRussia’s central bank
No Result
View All Result

Highlights

Gov’t Reopens Talks With PayPal to Restore Full Service Access in Ghana

Financial Sector Assets up 34.6% in 2024 to GHS 525.59 Billion

Banking Sector Soundness Remains Robust in 2024 Amid Strong Profitability, Adequate Capital Buffers

Sha’Carri Richardson Withdraws from US Trials Following Arrest

From Singuluma to El Kaabi: Can CHAN 2024 Unleash the Next Hat-trick Hero?

Ghana to Welcome King’s Baton Relay on August 8 Ahead of 2026 Commonwealth Games

Trending

Features

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes

August 2, 2025

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes Parliament has adjourned...

GACL Terminates Evatex Revenue Assurance Contract Amid OSP Probe

August 2, 2025

Cyber Security Authority Flags Rising Mobile Data Scam, Cautions Public

August 2, 2025

Gov’t Reopens Talks With PayPal to Restore Full Service Access in Ghana

August 2, 2025
Bank of Ghana

Financial Sector Assets up 34.6% in 2024 to GHS 525.59 Billion

August 2, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.