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flag Russia cuts interest rate to 17% to aid economy amid war and potential recession fears.

flag Russia's central bank has lowered its benchmark interest rate to 17%, down from 18%, to support the economy as it faces a slowdown and increased spending on the war in Ukraine. flag Despite the rate cut, inflation remains high at 8.2%, more than twice the official target of 4%. flag The economy has held up better than expected, with unemployment at record lows, but there are concerns about a potential recession or stagnation. flag The central bank aims to reduce inflation to 6-7% this year and to 4% by 2026.

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