JRL NEWSWATCH: “Russia Cuts Interest Rate to Shore Up Faltering Economy” – Wall Street Journal/ Georgi Kantchev

The central bank takes action as the country lurches towards a recession.

“Russia’s central bank cut its benchmark interest rate in a move to shore up the country’s economy as it lurches toward a deep recession due to depressed oil prices and shutdowns over the spread of the coronavirus. … lower[ing] its key rate by a deeper-than-usual 50 basis points to 5.5% … [aiming] to ease … economic woes amid the escalating health crisis. …  signal[ing] that it could cut the rate further …. A fifth of employees have already lost their job or are on unpaid leave, according to an April survey by pollster Online Market Intelligence. In March, 67,000 self-employed individuals closed down their businesses, according to federal data cited by … Vedomosti. …”

Click here for: “Russia Cuts Interest Rate to Shore Up Faltering Economy; The central bank takes action as the country lurches towards a recession” – Wall Street Journal/ Georgi Kantchev