The Central Bank of Russia for the first time announced an extraordinary meeting of the Board of Directors on the key rate, and Moscow Mayor Sergei Sobyanin announced a “covid amnesty” in the capital – these and other important news for Wednesday morning, May 25, in our daily review.

The Bank of Russia decided to hold an extraordinary meeting on the key rate on May 26, according to the regulator’s website. According to the plan, it was to be held only on June 10. The last time the Central Bank revised the key rate on April 29 – then it reduced it by 300 b. p. at once, to 14% per annum.

Moscow Mayor Sergei Sobyanin announced a “covid amnesty”. Muscovites will cease to be charged for fines imposed but unpaid, and will also pay subsidies to companies and city residents to compensate for fines already paid for violating coronavirus restrictions.

The dollar exchange rate fell 0.9% to 55.8 rubles as of 10:01 MSC, trading data showed. The dollar exchange rate fell below 56 rubles for the first time since February 2018. The euro exchange rate fell to 57.1 rubles at its low, dropping below the 58-ruble mark for the first time since 2015.

American footwear and clothing manufacturer Nike is leaving Russia, Vedomosti wrote. The company has not renewed the franchise agreement with Inventive Retail Group (IRG), which owns the country’s largest monobrand chain of stores of the American retailer. The stores will be closed.

British clothing manufacturer Marks & Spencer, which suspended operations in Russia on March 3, has decided to completely withdraw from the Russian market. The company announced this in its report on the results of the first quarter.