Russia’s central bank surprised financial markets with a two-point cut in its key interest rate Friday, sending the ruble lower even as the bank said the currency was showing signs of stabilization.
The bank had come under heavy pressure from industrialists and commercial bankers to lower the rate, which had been raised 6.5 points to 17% at an emergency meeting in December as the ruble was in free fall. But with inflation continuing to rise and prices of oil, Russia’s main export, still weak, the ruble has remained…
Andrey Ostroukh & Alexander Kolyandr | WSJ