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VTB expects key rate lowering to 13% in H2 2024

The Russian economy is estimated to grow by less than 2%, VTB said

MOSCOW, February 20. /TASS/. The key rate of the Bank of Russia is forecast to be lowered in the second half of 2024 and will be 13%, First Deputy CEO of VTB Bank Dmitry Pyanov said at a briefing.

"The average key rate to be 14.7%; the ending one to be 13%. We expect the downward trend in the second half [of the year]," Pyanov said. "The common understanding is to be that we have no capability of achieving a neutral rate of 7.5% or a comparable one. That is, the neutral rate must be higher. We believe 13% will be our new neutral rate," the banker noted.

The Russian economy is estimated to grow by less than 2% and inflation will be 6.2%, VTB said.

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