Russia cuts key interest rate to new historic low
Released on - Thursday,29 April , 2010 -10:03 36
Russia's Central Bank announced Thursday it was cutting its key interest rate by a quarter of a point to a historic low of 8.00 percent in order to boost economic recovery.
The move, effective from Friday, marked the thirteenth cut in a row since April 2009. In October, the rate was reduced to below 10 percent for the first time ever.
The bank said in a statement that the recovery in Russia "remains unstable and the need remains to support the dynamic of internal demand."
The cut is aimed "above all at further stimulating an increase in credit activity in the banking sector and, in the end, an increase in the accessibility of credit for the real (manufacturing) sector of the economy," it added
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