China News Agency, Moscow, July 24 (Reporter Wang Xiujun) The Central Bank of Russia announced on the 24th that it will cut the benchmark interest rate by 25 basis points to 4.25%, which is once again a record low in Russia.
The Russian Central Bank announced that it will consider the possibility of continuing to lower the benchmark interest rate as appropriate.
This is the second time that the Central Bank of Russia lowered the benchmark interest rate since June 19 to the historical low of 4.5%. It is also the fourth time this year that the benchmark interest rate has been cut.
According to the announcement of the Central Bank of Russia on the 24th, due to the impact of the epidemic, Russia's GDP fell 9% to 10% in the second quarter. It is estimated that the gross domestic product of Russia will fall by 4.5% to 5.5%.
The governor of the Bank of Russia Nabiulina said on the same day that it will take at least one and a half years for Russia to restore its economic vitality. (Finish)