-Russian central bank cuts interest rates furtherÂ
Interest rates were cut by a cautious 25 basis points on Friday following the board meeting of Russia’s Central Bank
The central bank’s decision to cut its key rate to 8.25 percent from 8.5 percent came with the slowing down of annual inflation to 2.7 percent � a far lower rate than the target of 4 percent.
The bank also added that it would gradually move from a tight monetary policy to a “neutral monetary policy�.
“Medium-term risks of inflation overshooting the target dominate over the risks of its persistent downward deviation,� the central bank said.
The strength of the Russian ruble, which has gained value since last year, along with oil prices floating at $60 per barrel, are the main reasons behind achieving close to the inflation target. In 2015, Russia’s inflation rate reached as high as 13 percent.
Analysts predict that another 25 basis point cut is very probable at the bank’s final meeting in December.Â
Turkish tomatoes to enter Russia’s markets on Nov. 1st
Russia’s official decision on the removal of the ban on Turkish tomatoes was published last week.
According to the decree, within the amounts determined by the Russian Ministry of Agriculture, the removal of the import for Turkish tomatoes will come into effect on Wednesday, Nov. 1.
The Russian Minister Alexander Novak also recently announced that some 50 thousand tons of tomatoes would be imported from Turkey.
Furthermore, the announcement of the removal of the import ban on Turkish eggplants (aubergines) and pomegranates is expected this week.