For many years, Russian leader Vladimir Putin has kept his distance from Russia's monetary policy and avoided interfering in the work of the Central Bank. The latest cut to the key rate, however, came under pressure.
Source: Bloomberg
Details: Bloomberg reported that Putin had publicly supported Russian Central Bank Governor Elvira Nabiullina, advocating the bank's independence, "rarely, if ever, signaling where borrowing costs should go".
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"That appears to have changed. Within the space of two weeks in July, the president twice signaled that the key interest rate should be lower, in unusually direct commentary ahead of a policy meeting," Bloomberg reported.
