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Russia's Central Bank reduces key rate to 9.25%

April 28, 13:39 UTC+3

The regulator has not changed its assessment of the possible scale of reduction of key rate in 2017

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Russia's Central Bank

Russia's Central Bank

© Pavel Smertin/TASS

MOSCOW, April 28. /TASS/. The Russian Central Bank reduced the key rate by 0.5 percentage points to 9.25% per annum, the regulator said following the results of the Board of Directors meeting.

"On 28 April 2017, the Bank of Russia Board of Directors decided to reduce the key rate to 9.25% per annum. The Board notes that inflation is moving towards the target, inflation expectations are still declining and economic activity is recovering. At the same time, inflation risks remain in place. Given the moderately tight monetary policy, the 4% inflation target will be achieved before the end of 2017 and will be maintained close to this level in 2018-2019," the regulator said.

According to the Central Bank, in order to maintain the propensity to save and anchor sustainable inflation slowdown driven by demand-side restrictions, monetary conditions should remain moderately tight.

However, the regulator has not changed its assessment of the possible scale of reduction of key rate in 2017.

"The Bank of Russia’s assessment of the overall potential of the key rate reduction before the end of 2017 is unchanged," the report said.

In making its decision on the key rate, moving forward, the Central Bank will assess the probability of the baseline scenario implementation (where oil prices drop to $40 per barrel) and the scenario with rising oil prices, alongside with assessing inflation and the economy dynamics relative to the forecast.

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