The Central Bank of Russia felt sufficient room to implement its second 300-basis point cut this month in its policy interest rate, which now becomes 14.0%. Officials had been expected to reduce interest rates by just 200 basis points. Its statement of explanation touted the ruble’s recovery to pre-war levels and asserted that with”price and financial stability risks no longer on the rise, conditions have allowed for the key rate reduction.” More monetary relief will follow if the respite for market disorder continues, and at 14.0%, the interest rate is still well above the 8.5% level prior to February. In ... (full story)