Russia Cuts Interest Rate as Financial System Stabilizes

Russia’s central bank cut its key interest rate following an unscheduled meeting of policy makers Friday, a sign that efforts to stabilize the country’s financial system are having an effect.

In a statement announcing the reduction in the key rate to 17% from 20%, the Bank of Russia said the ruble’s rebound from sharp losses in the days immediately following the Feb. 24 invasion had reduced the risk that inflation would move sharply higher.

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