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Bank of Russia will be ready to cut key interest rate after downward trend in inflation

January 21, 2015, 15:46 UTC+3 MOSCOW
The Central Bank of Russia raised its key interest rate from 10.5% to 17% on December 15
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© Vladimir Smirnov/TASS

MOSCOW, January 21. /TASS/. The Bank of Russia will be ready to cut the key interest rate after it sees a downward trend in inflation and inflation expectations, head of Central Bank Elvira Nabiullina said in a statement on Wednesday.

The decision on cutting the key rate will be based on the "necessity to hold back the inflation, that under current conditions is the primary problem for individuals and for businesses," she said.

"The Central Bank Board of Directors will make a decision on January 30 about the level of interest rates based on the assessment of inflation risks, the current state of the economy and the forecast of its development," Nabiullina said.

The Central Bank of Russia raised its key interest rate from 10.5% to 17% on December 15. That decision was based on a sharp fall of the ruble, to a 15-year maximum.

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