Russian central bank cuts key interest rate to historic low

20:08, April 29, 2010      

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The Central Bank of Russia decided on Thursday to cut its key refinancing rate from 8.25 percent to a historic low of 8 percent.

The reduction of the key interest rate, aimed to boost economic recovery, would be effective on Friday, the central bank said in a statement.

This is the third time for Russian Central Bank to cut the key interest rate by 0.25 percent this year, following the previous two cuts in February and March.

Last year, the central bank had ten rate cuts in a row since April 2009. In October, the rate was reduced to below 10 percent for the first time ever.

The Russian Economic Development Ministry said on Wednesday that the country's GDP grew 4.5 percent at an annual basis in first three months this year.



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