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Lower interest rates are a ‘definite trend’ in Russia – Major Moscow bank

Lower interest rates are a ‘definite trend’ in Russia – Major Moscow bank

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Interest rates in many economies are heading south — that’s no exception in Russia where the central bank is widely expected to ease monetary policy on Friday, for the third time this year. All but one of the 25 analysts and economists polled by Reuters expect the Russian central bank to lower its key rate by 25 basis points to 7% at Friday’s meeting. The Bank of Russia previously eased in June and July, and said more cuts were likely amid slowing inflation. “There’s quite wide expectations that rate might be cut again by a quarter of a percent on Friday. We shall see, but definite trend is to lower key rate in Russia,” Andrey Kostin, chairman of Moscow-based bank VTB, told CNBC’s Tanvir Gill at the Eastern Economic Forum in Vladivostok, Russia. Kostin said inflation in Russia is expected to be around 4%, but the key rate is currently 7.25% — much higher than that in major economies around the world. That means the central bank has room to ease monetary policy even more to support…
Source: Lower interest rates are a ‘definite trend’ in Russia – Major Moscow bank

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