Bank of Russia lowers key rate to 11% from 14%

  • Russia's central bank cuts its key rate by 300 bps to 11%
  • Holds open the prospect of key rate reduction at upcoming meetings
  • External conditions for Russian economy remain challenging, considerably constraining economic activity

Not much change in the Russian ruble, which is among the best performing currencies in the world this year (after being among the worst back in March):

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