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Russia gets another rate cut

Jun. 15, 2015 9:19 AM ETRSX, RBL, ERUS, RSXJ, RUSL, RUSSBy: Stephen Alpher, SA News Editor
  • The Bank of Russia today cut its benchmark interest rate by 100 basis points to 11.5%, inline with expectations, though some had expected the bank to match its April cut of 150 bps.
  • Today's was the fourth rate cut this year.
  • Cited by analysts as reason for just a 100 bp cut this time is continuing weakness in the ruble, and sure enough the currency has rallied somewhat in today's session, with the dollar now buying 54.97 rubles vs. 55.15 prior to the move.
  • Even with this year's easing, the central bank's key rate remains 100 basis points above its level in December - prior to an emergency increase to 17% to defend the plummeting currency.
  • The Micex is lower by 0.5%.
  • ETFs: RSX, RUSL, RUSS, ERUS, RSXJ, RBL

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