Russia's central bank trims interest rate to 16.5% as economy slows
Russia's central bank on Friday cut its key interest rate to 16.5 percent and said growth had slowed to almost zero as the economy sags under the cost of the Ukraine offensive and Western sanctions.
Russia's economy "continues to return to a balanced growth path," the bank said in a statement, reversing course from two years of rapid expansion fueled by military spending. It said inflation would remain high for longer than previously expected and GDP growth would be lower.
Source: Associated Press
| Copyright © 2012 Naharnet.com. All Rights Reserved. | https://mobile.naharnet.com/stories/en/316045 |