Russia's central bank slashed its benchmark interest rate for the third time this year as higher lending rates weigh on business activity and damp economic recovery.
The Board of Directors of Bank of Russia, governed by Elvira Nabiullina, decided to cut the key interest rate by 100 basis points to 17.00 percent from 18.00 percent. The bank was expected to reduce the rate more sharply by 200 basis points.
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by Renju Jaya
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