Russian economy

Bank of Russia reduces key rate to 16%

The Bank of Russia slashed the key rate by 50 basis points to 16% per annum for the fifth time in a row amid the decline in current price growth rates but highlighted increased inflation expectations.

Russia's gold reserves up by $112bln

Russia's gold reserves have increased by $112 billion in just one year, thanks to rising prices for the precious metal, according to the Bank of Russia data.

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