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The bank of russia lowered benchmark rates again on friday and denied the economy is in a recession, even after its own data showed gdp has been shrinking this year. Sberbank chief german gref said russia could soon face recession if the key interest rate is not cut drastically. After years of torrid growth, propelled by government spending to fuel the war on ukraine, russia’s economy is grinding to a crawl.
Russia’s central bank is cutting its benchmark interest rate by one percentage point to 17%, a step that could support growth and business activity as the economy slows and the. Russia's central bank on friday cut its key interest rate, but warned inflation was still too high, amid growing concerns over an economic slowdown amid the ukraine offensive. The russian economy has been teetering on the brink of recession for months as financial authorities take actions to slow growth in a bid to avoid runaway inflation.
Russia's economy minister warned on thursday that the country was on the verge of recession after a period of overheating
And some russia watchers have even suggested the. Russia’s central bank cut its benchmark interest rate friday by one percentage point to 17%, a step that could support the economy as growth slows and spending on the war against.
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