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

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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 …. Central Bank of Russia file photoA 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