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Bank of Russia sees scope for further key rate reduction in 2022

Russia Materials 23 May 2022 17:48
Bank of Russia sees scope for further key rate reduction in 2022

The Bank of Russia sees scope for further reduction of its key rate in 2022, Deputy Central Bank Governor Alexey Zabotkin said addressing the State Duma (lower house) on Monday, Trend reports with reference to TASS.

"The current inflation trends, the current rate of price growth is indeed slowing down notably, faster than in 2015. We see on this basis some scope for further reduction of the key rate during this year," he said.

The Bank of Russia lowered the key rate by 3 percentage points to 14% per annum on April 29, saying that price and financial stability risks were no longer on the rise. The regulator’s monetary policy will take into account the need for a structural transformation of the economy and will ensure a return of inflation to target in 2024, the Central Bank noted, adding that it saw room for key rate reduction in 2022.

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