The Central Bank for the second time in a year reduced the rate - from 20% to 18%

The Bank of Russia (Central Bank) decided to reduce the key rate from 20% to 18%. This is stated in the statement of the regulator.

They emphasized that the current inflationary pressure, including sustainable, decreases faster than previously predicted, and the growth of internal demand slows down.

“The economy continues to return to the path of balanced growth,” the Central Bank said.

This is the second decrease in the key rate over the past year. In early June, the Central Bank reduced the rate from a record 21% to 20%.