MOSCOW, June 6. /TASS/. The ruble’s exchange rate was almost flat during the trading on the Moscow Exchange following the Central Bank’s decision to cut the key rate to 20% per annum, and later it narrowed gains, according to trade data.

In particular, before the publication the yuan exchange rate was 11.04 rubles (+7.2 kopecks), according to trading data as of 1:25 p.m. Moscow time (10:25 a.m. GMT).

By 1:30 p.m. Moscow time (10:30 a.m. GMT), the yuan had extended gains slightly to 8.95 kopecks as it traded at 11.057 rubles.

By 1:56 p.m. Moscow time (10:56 a.m. GMT), the yuan exchange rate had narrowed gains on the Moscow Exchange as it traded at 10.994 rubles (+2.6 kopecks).

On June 13, 2024 the Moscow Exchange suspended trading in the dollar and euro after the US Treasury imposed sanctions against it and the National Clearing Center, part of the Moscow Exchange group.

The Bank of Russia has lowered the key interest rate by 100 basis points to 20% after maintaining it at 21% annually for an extended period. Meanwhile the regulator emphasized the need for a sustained period of tight monetary policy.

Proinflationary risks have decreased slightly, though they still prevail over disinflationary ones in the medium term, the Central Bank said.

A further decrease in the growth rate of the global economy and oil prices in case of escalating trade tensions may have proinflationary effects through the ruble exchange rate dynamics, the regulator added.