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28 January, Tuesday

Ufa   °

Central Bank lowers key rate to 6.25%

Economy/Business

UFA, 13 December 2019. /Bashinform News Agency/ translated by Tatiana Aksyutina/.

On December 13, the Central Bank lowered its key rate by another 0.25 percentage points to 6.25% — the fifth time since the beginning of the year. The total decrease was 1.5 percentage points from 7.75%. The reason is the ongoing slowdown in inflation, which is expected to be 3.5-4% in 2020 and will remain near 4% in the future, the regulator reports.

After lowering the CBR rates, one should expect a decrease in deposit and lending rates by Russian banks, which has already happened many times this year. Average mortgage rates are likely to approach 8%, experts say.

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