Russia cuts interest rates to record low of 9%
November 24, 2009 ???? Russia cuts interest rates to record low of 9% by Kay Murchie Bank Rossii, Russia’s central bank, has cut interest rates by 50 basis points to 9% – a record low and the ninth time rates have been cut since April in bid to boost demand. Russia’s economy, which is heavily reliant on oil exports, has suffered from a severe downturn but the economy appears to now be on the road to recovery as a result of the rebound in oil prices. Earlier this month, statistics body Rosstat revealed that Russia’s economy expanded by 13.9% in the third quarter compared with the second quarter. However, when compared with the same period a year ago, the Russian economy contracted by 8.9%. Russia’s Economics Ministry is predicting the economy will contract 8.5% in 2009, but will see growth of 3% in 2011 and 4.3% in 2012
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Russia cuts interest rates to record low of 9%
