Bank of Russia does not exclude key rate reduction at one of three coming meetings – CB chief

TASS Russian News Agency | Jun 14, 2019 at 3:26 PM

/Update/

MOSCOW, June 14. /TASS/. The Board of Directors of the Central Bank can take a decision to reduce the key rate at one of three forthcoming meetings, Governor of the Bank of Russia Elvira Nabiullina said on Friday.

"We keep the approach that one of forthcoming meetings is one of three and maintain the neutral rate range at the level of 6-7%," she said.

First Deputy Prime Minister and Finance Minister Anton Siluanov positively appraised the decision of the Bank of Russia to reduce the key rate. "We value high the decision of the Central Bank. We hope this is not the last such decision this year," Siluanov told reporters today.

"We always wait for the key rate reduction because it influences on the cost of credit resources. The key rate cut always provides an opportunity to hope that growth rates of the economy will also be stimulated," the official said.

The Central Bank reduced the key rate to 7.5% earlier on Friday.