Russia's central bank unexpectedly reduced its key interest rate for the fourth policy session in a row, citing high inflation expectations and lackluster growth, and signaled that monetary policy will remain tight for an extended period of time.
The Board of Directors, led by Governor Elvira Nabiullina, decided to cut the key rate by 50 basis points to 16.50 percent, the Bank of Russia said in a statement on Friday. Economists had expected the bank to retain interest rates this month after rate cuts in the previous few sessions.
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by Jyotsna V
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