Moscow, July 24, 2026 (AFP) - Russian central bank cuts key interest rate despite rising inflation

NAMPA / AFP

2026-07-24

Russia's central bank delivered a modest interest rate cut on Friday, despite a spike in inflation driven by spiralling fuel prices triggered by mass Ukrainian strikes on refineries. The bank cut its key rate to 14 percent from 14.25 percent, it said in a press release, also slashing its annual gross domestic product forecast as pressure mounts on Russia's war economy. "Current price growth sped up in June-July. Price dynamics in recent months we......

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