Russia's central bank has today lowered its key interest rate to 14% in a sharper-than-expected move.
The central bank met after it unexpectedly cut the key rate to 17% earlier in April following an emergency rate increase to 20% days after Russia sent tens of thousands of troops into Ukraine on February 24. Analysts predicted Russia would need lower rates in the face of a looming economic recession following the West's imposition of unprecedented sanctions.
A Reuters poll showed earlier today that the central bank was expected to slash its key rate to 10.5% by the year end as the firming rouble helps cap inflationary risks.
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