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VTB expects Central Bank’s key rate to decrease to 13% by end-2024

The Bank of Russia raised the key rate by more than two times last year from 7.5% to 16% per annum

MOSCOW, January 16. /TASS/. VTB projects a decrease in the Central Bank’s key rate to 13% by the end of 2024, First Deputy Chairman of the Management Board Dmitry Pianov said.

"Sixteen percent during the two quarters, and a decrease up to 13% by the end of the year," he told reporters when speaking about the Central Bank’s key rate.

The Bank of Russia raised the key rate by more than two times last year from 7.5% to 16% per annum. At the last board meeting in December Central Bank Governor Elvira Nabiullina said that the cycle of the key rate hikes was close to completion.