Russia's central bank unexpectedly slashed its key rate by 300 basis points on Friday, citing challenging external conditions.
At an unscheduled meeting, the Board of Directors of Bank of Russia decided to cut the benchmark rate to 17.00 percent from 20.00 percent.
The bank said today's decision reflects a change in the balance of risks of accelerated consumer price growth, decline in economic activity and financial stability risks.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.