08:01 GMT26 October 2020
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    The Board of Directors of the Bank of Russia on March 24, 2017 decided to reduce the key rate to 9.75 percent, according to official statement.

    MOSCOW (Sputnik) — The Bank of Russia reduced the key rate by 0.25 percent down to 9.75 percent, the bank said in a press release Friday.

    "The Board of Directors of the Bank of Russia on March 24, 2017 decided to reduce the key rate to 9.75 percent," the press release read.

    Since the oil prices plummeted in 2014 and western countries imposed sanctions against Russia over referendum in Crimea, the Russian economy faced serious challenges. According to the Federal State Statistics Service (Rosstat), in 2014 the inflation rate surged to 11.36 percent, reaching a five-year maximum of 12.91 percent in 2015.

    In order to keep the Russian economy afloat, the central bank introduced a number of measures such as an increase of key interest rate from 5.5 in 2013 to 17 percent in 2014 and floating exchange rate.

    Related:

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    Russian Prime Minister Medvedev Expects Further Key Rate Cuts in Short Term
    Russian Economic Dev't Ministry Sees Potential For Key Rate Decrease
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    key rate, Bank of Russia, Russia
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