Russia’s Central Bank lowered its key interest rate by 100 basis points to 17 percent on Friday.
“The economy continues to return to a path of balanced growth. In recent months, lending activity has picked back up. Inflation expectations remain high,” the bank said in a statement.
The outlets The Bell and RBC noted that analysts at Russian banks and investment firms had expected a 200-basis-point cut, down to 16 percent.
This is the third consecutive cut to Russia’s key rate. In June, the Central Bank lowered it from 21 percent to 20 percent, and in July, it reduced it further to 18 percent.
