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Central Bank may lower key rate to 8.5% by year’s end — Ex-Finance Minister Kudrin

April 28, 15:02 UTC+3

Kudrin also said that today's reduction of the key rate by 0.5 percentage points is a rational step

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Former finance minister Alexei Kudrin

Former finance minister Alexei Kudrin

© Sergei Fadeichev/TASS

MOSCOW, April 28. /TASS/. The Bank of Russia may lower the key rate to 8.5% by the end of the year, former Finance Minister and head of the Center for Strategic Research Alexei Kudrin told TASS.

He also said that today's reduction of the key rate by 0.5 percentage points is a rational step.

"I think this is a very rational step: this is an overdue decision, 0.5 pp is not much and not a little, if inflation stays and the balance of payments is more or less stable, if there are no sharp fluctuations in oil prices, this rate may still go down by the end of the year - to 8.5%, "Kudrin said.

On Friday, the Bank of Russia lowered the key rate to 9.25% per annum. The regulator grounded this move by the continuing decline in inflationary expectations and the recovery of economic activity. The regulator reduces the rate for the second time in a row this year.

Commenting on the regulator’s decision, Russia’s Economic Development Minister Maxim Oreshkin said he expects further lowering of real interest rates in the coming months.

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