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Russia’s regulator to cut key rate after economy normalizes — finance minister

December 25, 2014, 13:08 UTC+3 MOSCOW

There are no grounds for keeping high rates for long, Finance Minister Anton Siluanov said

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© Vyacheslav Prokofyev/TASS

MOSCOW, December 25. /TASS/. The Central Bank of Russia will cut its key rate as soon as the economic situation improves, Finance Minister Anton Siluanov said on Thursday.

“We see that the economic situation is improving. We believe that this process will continue. As soon as we see that the market situation improves, I believe that the Central Bank will decide on changing the key rate,” the finance minister said. “This will provide guidance and influence market rates, which will also fall,” he said. There are no grounds for keeping high rates for long, he said.

Russia’s Central Bank hiked last week its key rate determining borrowing costs for commercial banks to 17% from 10.5% to stem the ruble’s freefall and curb inflationary expectations amid falling prices in oil, a major Russian export commodity. The key rate hike has made loans less affordable for business.

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