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Bank of Russia to shift to key rate reduction in 2H if inflation slows down

"There are many factors that make us be cautious, including still high inflation risks," Elvira Nabiullina said

Russian Central Bank Chief Elvira Nabiullina Donat Sorokin/TASS

Russian Central Bank Chief Elvira Nabiullina

© Donat Sorokin/TASS

MOSCOW, April 8. /TASS/. The Bank of Russia may shift to reduction of the key rate in the second half of 2024 if inflation continues slowing down stably, the regulator’s Governor Elvira Nabiullina said addressing the State Duma (lower house of the parliament).

"If inflation continues slowing down stably we assume that we will be able to start reducing the key rate this year, more likely in the second half of the year. There are many factors that make us be cautious, including still high inflation risks," she said.

At its second meeting in 2024 the Bank of Russia decided again to keep the key rate at 16% per annum. The next board meeting on the key rate is scheduled for April 26.

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