UPDATE 1-Russian central bank cuts key rate 50 basis points to 15.5%

Russia's ​central bank ​cut its key interest ‌rate by ​50 basis points to 15.5% on ‌Friday, a bid to shore up a slowing war-time economy that has been grappling with ‌some of the highest interest rates ‌in more than a decade.

Russia's ​central bank ​cut its key interest ‌rate by ​50 basis points to 15.5% on ‌Friday, a bid to shore up a slowing war-time economy that has been grappling with ‌some of the highest interest rates ‌in more than a decade. Of the 24 analysts surveyed by Reuters ahead of the decision, ⁠just ​eight out ⁠of 24 predicted a 50-basis-point cut.

"The Bank ⁠of Russia will assess the need for ​a further key rate cut at its ⁠upcoming meetings depending on the sustainability of the ⁠inflation ​slowdown and the dynamics of inflation expectations," the bank said. "The baseline ⁠scenario assumes the average key rate to ⁠be ⁠in the range from 13.5% to 14.5% per annum in 2026."