The monetary policy committee of Russia’s central bank cut its policy rate again by 300 basis points today (May 26), to 11%.

This is its second 300bp cut after the MPC, led by governor Elvira Nabiullina, dramatically tightened rates on February 28 by 1,050 basis points. That emergency move was a response to foreign countries’ imposition of sanctions after Russia’s invasion of Ukraine.

The Bank of Russia said in a statement today that inflation rose to 17.8% year-on-year in April. But it said