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Central Bank may cut key rate to 8.5-8.25% by yearend — ex-finance minister

The regulator’s board of directors decided to cut the key rate by 0.25 percentage points to 9.00% per annum on June 16

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Russia’s Central Bank cuts key rate to 9%

YEKATERINBURG, July 11. /TASS/. Russia’s Central Bank may reduce its key rate to 8.5% and even 8.25% per annum by the end of 2017, Chief of Russia’s Center for Strategic Research (CSR) Aleksei Kudrin said Tuesday.

"My outlook (for the Central Bank’s key rate - TASS) has been 8.5% as of yearend, and it is still the same - 8.5%, maybe even 0.25 percentage points lower," he said.

The regulator’s board of directors decided to cut the key rate by 0.25 percentage points to 9.00% per annum on June 16. The board noted that inflation is close to the target, inflation expectations keep declining, and economic activity is recovering. Inflation risks were down in the short term, while they remain in place in the medium term. The Bank of Russia said it will continue to conduct moderately tight monetary policy to maintain inflation close to the 4% target. It also sees room for cutting the key rate in the second half of 2017. The next board meeting focused on the key rate is planned for July 28, 2017.

On inflation

The high level of June inflation in Russia will not affect the plan to meet the 4% inflation target by the end of 2017, according to Kudrin.

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Russian PM predicts 4% inflation fairly feasible this year

"It will not (affect the target - TASS). I think the targets will be hit and we’re going to have around 4% (inflation) as now it is partially related to seasonality and partially - to a traditional tariff hike starting July 1," he said.

Director of the Central Bank’s Monetary Policy Department Igor Dmitriev said earlier that Russia’s inflation data for June gave the regulator an unpleasant surprise, as the virtual annual inflation growth for last month was higher than expected.

According to Rosstat, the national statistics service, inflation in Russia amounted to 0.6% in June following a 0.4% rise in May. In annual terms the growth of consumer prices stood at 4.4% in June 2017.

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Central Bank of Russia

Russian Economy Ministry expects trade balance surplus to decline

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Swiss conference on Ukraine undermines European security — Russian diplomat

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Russian diplomat accuses US of coordinating Ukraine’s terrorist attacks

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Situation at ZNPP remains unpredictable — International Atomic Energy Agency

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Russian Embassy to Austria denied participation in ceremony at Nazi concentration camp

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Crocus City Hall attack funded using cryptocurrency, Russian finance watchdog says

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Dardanelles temporarily closed due to fire on board of dry cargo carrier

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Ukraine turns into testing ground for future world order, says Belarus president

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Kiev confirms pulling back US-made Abrams tanks due to vulnerability to Russian UAVs

Thirty-one American tanks have become "unfit for the classical deployment," Maxim Buzhansky said

Reinforced Ukrainian battlegroup fails to break through Russian defenses in DPR — expert

Andrey Marochko added that the Ukrainians have also intensified artillery and drone attacks at Russian positions

Abrams tanks easy targets for drones — Russian expert

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Musk concurs that civil war looming in West

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UN bound to stay as unique world organization — Russian ambassador

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West bends sanctions rules when it suits them — Kremlin

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Casualties reported after Ukrainian strike on residential house in Zaporozhye Region city

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Ukrainian army strikes own surrendering soldiers — POW

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Bank of Russia keeps key rate at 16% per annum again

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North Korea tests multiple rocket launchers produced at new defense enterprise

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Electricity supplies to China cannot yet be restored to previous levels — Energy Ministry

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