Russian CB lowers interest rates
The Central Bank of Russia follows the global monetary easing trend. The bank decided to lower its policy rate by 0.25 basis points on Friday.
According to the bank’s statement, interest rates were cut by 0.25 basis points and was reduced to 7.25 percent due to the inflation levels being in line with targeted levels.
“However, inflation risks in the country continues,” the bank said, adding that the growth in the Russian economy was below the expectations.
The year-end inflation rate in Russia is expected to be between 4.2 and 4.7 percent.
The statement stated that interest rate cuts will continue in future meetings and that in the first half of 2020, it is planned to gradually shift from a tight fiscal policy to a more neutral policy.
Russia signals for cooperation in East Med
Situation in Eastern Mediterranean is on Turkey's main agenda items, and an important statement came from Russia last week in this regard.
Russian Energy Minister Alexander Novak stated that there are successful energy projects involving Russian companies in the Mediterranean.
"If commercially viable for the benefit of all parties, Russian companies can take decisions with regard to cooperation with Turkey in the Eastern Mediterranean projects," the minister said.
Following the statement from Russia, Turkey’s approach to cooperation with other countries in the region will be followed closely.