In a statement, the UFR indicated it was cutting rates by one percentage point to a range of between 0 and 0.25 percent, BTA reports.
"The consequences of the coronavirus will have an impact on economic activity in the short term and this poses a threat to the economic outlook. In light of this development of events, the committee made the decision to lower the target range of federal funds rates to 0 - 0.25 percent,” the UFR statement said, quoted by Reuters and TASS.
The central bank specified that it will maintain the level of interest in this range until the crisis passes.
The U.S. Federal Reserve has slashed its rates almost to zero because of the coronavirus
Administrator
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2020-03-17 12:30:05
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The US Federal Reserve Management, performing the functions of the country's central bank, yesterday surprisingly cut its rates to almost zero because of the economic consequences of the new coronavirus pandemic, global agencies said.
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