5/23, 12:55 PM (Source: TeleTrader)
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Bank of Russia to drop key rates further this year

Deputy Chairman of the Russian Bank Alexey Zabotkin told the State Duma on Monday that Moscow anticipates the key rate to be reduced further this year.

The deputy chairman explained that recent inflationary indicators show the price growth rate is rapidly slowing down, faster than it did in 2015, adding that there is an opportunity for a further drop in the key rate. Zabotkin argued that monetary policy should remain focused on the core goal of maintaining price stability in these new circumstances.

The Bank of Russia had already indicated that it would reduce its benchmark interest rate by 300 basis points to 14% while predicting a further rate cut before the end of the year.

Baha Breaking News (BBN) / AB