MOSCOW— Russia’s central bank cut its key interest rate on Friday by one percentage point to 14 percent in an attempt to support the economy, which is sliding into a brutal recession.
It is the second interest rate cut in as many months as the Central Bank reverses some of the sharp rate increases it made in December — when it hiked them from 10.5 percent to 17 percent — to support the then-collapsing ruble. Higher rates tend to bolster a currency but hurt the economy by making borrowing more expensive.
The Central Bank said in a statement Friday it cut the …read more
Source: The Epoch Times
