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Bank of Russia names conditions for key rate lowering

According to the participants in the meeting of the Board of Directors of the Central Bank, the key rate reduction requires further stable slowdown of current inflation

© Valery Sharufulin/TASS

MOSCOW, April 1. /TASS/. The Bank of Russia indicated conditions whereupon key rate slashing is possible, according to the summary of discussions of the relevant issues.

"Participants (in the meeting of the Board of Directors of the Central Bank) discussed further the course of development of the situation for the possible lowering or increase of the key rate. In the opinion of discussion participants, key rate reduction requires further stable slowdown of current inflation; cooldown of consumer lending and consumer activity; lowered toughness of the labor market; and lack of materialization of pro-inflationary risks from the side of the budget or external conditions," the document reads.

According to the Bank of Russia, inflation anchoring at the current level (particularly as regards its stable) or its growth; lack of signs of reduction or further growth of consumer activity; greater labor market rigidity and higher scales of the positive gap of the output in the economy and materialization of other proinflationary risks jeopardizing the return of inflation to the target in 2024 can lead to key rate growth.

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