Russia central bank cuts key rate to 15%—1 month after hike
CNBC - Jan 30, 2015
Russia's central bank cut its key interest rate to 15 percent on Friday, just one month after a surprise hike, amid calls from government officials and business leaders for a cut to stimulate growth in the country's sanctions-hit economy.
The Central Bank of Russia (CBR) said in a statement that it had taken the decision, "due to the shift in the balance of risks of accelerated consumer price growth and cooling economy."
The Russian Ruble fell 2.7 percent to trade around 70 rubles against the dollar Friday.
The latest monetary policy decision comes after December's surprise hike in its key interest rate from 10.5 percent to 17 percent as the central bank tried to shore up the weakening ruble and combat inflation. In 2014, price growth was estimated at 11.4 percent, according to Russian statistics agency Rosstat.
