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Bank of Russia will reduce key rate as inflation gears down

The Bank of Russia lowered the key rate by 100 base points to 20% after keeping it at 21% per annum for a long time

MOSCOW, June 6. /TASS/. The Bank of Russia will reduce the key rate only as inflation decelerates further, Central Bank chief Elvira Nabiullina said at the press conference.

"We will lower the key rate only as inflation continues slowing down, so ruble loan rates will remain above inflation," she noted.

The Bank of Russia lowered the key rate by 100 base points to 20% after keeping it at 21% per annum for a long time.