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Eastern Economic Forum

Sberbank CEO does not expect key rate increase in September

Herman Gref also stated that he expected the key rate to be reduced in the next six months

VLADIVOSTOK, September 12. /TASS/. Head of Sberbank Herman Gref believes that the Bank of Russia will not raise the key rate at the next meeting of its Board of Directors on September 15, and that monetary policy would be eased in around six months, he said at the Eastern Economic Forum (EEF).

"I don't expect an increase [in the key rate] because there has been too little time since the last increase. It is still difficult to assess the consequences of the new regulatory measures," he said.

Gref also stated that he expects the key rate to be reduced in the next six months.

CEO of VTB Bank Andrey Kostin said earlier he believes that the Bank of Russia may continue raising the key rate "The [key] rate increase should not be ruled out. Representatives of the Central Bank have already stated that," Kostin said.

The next meeting of the Board of Directors of the Bank of Russia will be held on September 15. The Central Bank made the decision at the extraordinary Board meeting on August 15 to raise the key rate from 8.5% to 12%.

The 8th Eastern Economic Forum (EEF) is held in Vladivostok on September 10-13, 2023. The slogan for this year’s forum is: On the Path to Partnership, Peace and Prosperity. The Roscongress Foundation is the event organizer; TASS is the EEF’s general information partner.

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Eastern Economic Forum

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