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Bank of Russia may lower key rate in H2 2024 first time — Central Bank chief

"As regards the floor to reduce the rate, it is indeed in place but, from our point of view, the reduction will be gradual and smooth," Elvira Nabiullina noted

MOSCOW, February 16. /TASS/. The Bank of Russia plans gradual lowering of the key rate, Governor of the Central Bank Elvira Nabiullina said at the press conference after the regulator’s Board meeting.

"As regards the floor to reduce the rate, it is indeed in place but, from our point of view, it [reduction] will be gradual and smooth," she noted.

"We discussed with colleagues when the first reduction of the key rate may take place. The range of opinions was rather broad but the majority believes this will probably take place in the second half of the year," the governor said.