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Bank of Russia to cut key rate more slowly than planned due to US sanctions

At its previous meeting on March 23, the board of directors of the Bank of Russia reduced the key rate to 7.25% from 7.5% amid record low inflation

© Sergei Bobylev/TASS

WASHINGTON, April 19. /TASS/. Bank of Russia will lower its key rate more slowly than it was planned due to the US sanctions, First Deputy Chairperson of the Russian regulator Kseniya Yudaeva told reporters on Thursday.

"It [the key rate - TASS] will decrease more slowly in comparison with what we planned earlier, but to what extent - again this will depend on the forecast for all other parameters," Yudaeva said.

However, the Bank of Russia still hopes to return to the neutral monetary policy this year, she added.

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Keying into the Russian Central Bank's key rate

"But in 2018 it may happen later than we expected before," Yudaeva said.

According to her, the probability of the key rate reduction at the next Board meeting of the Bank of Russia diminished due to US sanctions.

"I can definitely say that the reduction probability has definitely declined in comparison to last-time expectations. I will not exclude any options now but according to new information available, the reduction probability has decreased," the banker said.

At its previous meeting on March 23, the board of directors of the Bank of Russia reduced the key rate to 7.25% from 7.5% amid record low inflation.

On April 6, the US authorities imposed sanctions against a number of Russian officials, businessmen and companies. As a result the Russian stock market plummeted along with the ruble rate.

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