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On July 26th, the Russian central bank stated that inflation in the country has accelerated, with domestic demand growing faster than output expansion. Therefore, it raised its benchmark interest rate by 200 basis points to 18%, which will to some extent suppress domestic demand and promote export growth.
On 24 July, the Bank of Canada cut its benchmark interest rate by 25 basis points to 4.5% after announcing that inflation had eased to 2.7% in June, further stimulating domestic investment and consumption.
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