Russia halts ruble rally with rate cut that tops most forecasts


The Bank of Russia lowered its benchmark to 11% from 14% yesterday at an extraordinary meeting it announced only a day earlier.

MOSCOW: Russia’s central bank has delivered its third interest-rate reduction in just over a month and says borrowing costs can fall further still, halting a rally in the ruble as it unwinds the financial defences in place since the invasion of Ukraine.

The Bank of Russia lowered its benchmark to 11% from 14% yesterday at an extraordinary meeting it announced only a day earlier.

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