Russian Central Bank cuts key rate by 50 bp to 7.50%

“Current consumer price growth rates remain low, contributing to a further slowdown in annual inflation. This is due to both the influence of a set of one-off factors and subdued consumer demand. Developments in business activity are better than the Bank of Russia expected in July,” the statement said.

“However, the external environment for the Russian economy remains challenging, invariably putting significant constrains on economic activity,” the statement added. (ILKHA)