India, July 25 -- Russia's central bank lowered the key interest rate massively for a second policy session in a row on Friday after policymakers assessed that inflationary pressures are declining and the economy is on a return to balanced growth.
The Board of Directors of Bank of Russia, led by Governor Elvira Nabiullina, reduced the key rate by 200 basis points to 18.00 percent from 20.00 percent.
The bank had reduced the rate by 100 basis points in June, which was the first reduction since 2022.
"We need to be patient and prudent in our decisions, especially when disinflationary trends have emerged just recently, preceded by a long period of elevated inflation," Nabiullina said in a statement.
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