Nabiullina allowed the key rate to be lowered by 1 percentage point
"I want to tell you that at the last meeting of the Board of Directors, we considered a possible reduction of the rate by 100 basis points. I assume that if the situation develops as it is now, the option of reducing by 100 points will also be considered, of course, among other alternatives", Nabiullina said.
"When making a decision, we as always will assess the full range of factors, the current situation, our forecasts for the dynamics of the economy and inflation, and we will also take into account and evaluate how the financial system and banks can adapt to large changes in the key rate, under the condition that they have a large share of both loans and deposits received at fixed rates. We will evaluate all this and make a decision", said the head of the Central Bank.
On April 24, the Bank of Russia decided to reduce the key rate by 50 bps to 5.50% per annum.
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