Nabiullina: the economy is experiencing a huge shock, the Central Bank will begin to reduce the rate "in large steps"
Источник: The DairyNews
The Bank of Russia cut its key rate by 0.5% last Friday. The Central Bank will begin to ease monetary policy and is ready to reduce the key rate in large steps, said the head of the Central Bank Elvira Nabiullina.
It is necessary to soften the blow to the economy and ensure its rapid recovery after the lifting of restrictions, explained Nabiullina, Interfax reports. The Central Bank switched to stimulating monetary policy.
It is important to support the economy, including providing relatively cheap money, stressed the head of the Central Bank.
The Central Bank has the ability to reduce the key rate. "Understanding the nature and scale of the economic shock that we are facing, we can reduce the rate in larger steps than before", Nabiullina said.
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