Russian central bank to hold extraordinary rate-setting meeting on Thursday

Russia’s central bank will hold an extraordinary meeting on Thursday to consider the level of its key interest rate, the bank said on Wednesday.

The central bank, which has its next scheduled rate-setting meeting set for June 10, will publish the key rate statement at 0730 GMT on Thursday after the extraordinary meeting. It did not provide further details in its statement on Wednesday.

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The central bank has slashed rates twice by 300 basis points to 14% since an emergency rate hike in late February to 20%.

Earlier on Wednesday, the bank said that inflationary expectations among households fell to 11.5% in May from 12.5% in April, a factor giving it more reasons to cut the key rate further to boost Russia’s shrinking economy with cheaper lending.