Russia Signals More Easing as Ruble Rally Sparks Deeper Rate Cut

Russia’s central bank, taking advantage of a record ruble rally and slowing inflation, cut interest rates for a third time this year to counter a looming recession and said it’s ready to ease further.

The central bank in Moscow cut the benchmark one-week auction rate to 12.5 percent from 14 percent, it said in a statement on its website Thursday. Ten of 40 economists surveyed by Bloomberg predicted the move, while the majority forecast a smaller reduction.