MOSCOW, August 8. /TASS/. Sberbank does not currently consider the likelihood of a negative economic scenario that could radically worsen the bank's performance, Head of Sberbank's financial department Taras Skvortsov said during a conference call.

"At the moment we do not see any negative scenario that would somehow radically worsen our performance," he said.

At the same time, Sberbank does not expect the Bank of Russia to cut the key rate before the Q2 of 2025. "We now expect the first cut (in the Bank of Russia’s key rate) in the second quarter of 2025. We do not expect a cut this year," he said.

Sberbank also expects the Bank of Russia's key rate to remain at the current level of 18% until the end of 2024. "The high key rate will remain for longer than we previously assumed, and this year we do not expect it to fall below the current level (18% - TASS). We are in an unusual environment for the Russian economy with high interest rates, but businesses and individuals have adapted to them," Skvortsov said.