Russia will cut rates as inflation slows, says governor

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National flag flies over the Russian Central Bank headquarters in Moscow, Russia May 27, 2022. REUTERS/Maxim Shemetov

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  • This content was produced in Russia where the law restricts coverage of Russian military operations in Ukraine

MOSCOW, June 29 (Reuters) - Russia's central bank sees room for a further rate cut and will lower interest rates as inflation slows, Governor Elvira Nabiullina said on Wednesday.

On the rouble, Nabiullina said the central bank would stick to its floating exchange rate policy and that emergency currency restrictions should be lifted as soon as the situation has stabilised.

Russia has been cutting rates since an emergency hike to 20% in the immediate aftermath of Moscow's sending armed forces into Ukraine on Feb. 24 and the Western sanctions that followed. The key rate returned to the pre-crisis level of 9.5% earlier this month. read more

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