Russia unexpectedly slashes rates

MOSCOW: Russia’s central bank unexpectedly cut its key interest rate, the most in nearly two decades, offering relief to the recession-bound economy in a sign of confidence it can start to reverse some of the steep monetary tightening delivered after the invasion of Ukraine.

The central bank lowered the rate to 17% from 20% at an unscheduled meeting yesterday and said further cuts could be made in the months ahead if conditions permit.