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Bank of Russia sees room for key rate reduction next year

The forecast is 13-15% but this is the annual average, Elvira Nabiullina said

MOSCOW, October 30. /TASS/. The Bank of Russia sees the space for key rate lowering next year, Central Bank chief Elvira Nabiullina said when speaking at the plenary session in the State Duma, the lower house of the Russian legislative assembly.

"We nevertheless see the room for key rate reduction next year. We made an update; the forecast is 13-15% but this is the annual average. We enter with a higher rate, our average is estimated at 19% this year. You see, it is 16.5% now, so we also anticipate a certain further key rate cut in the next year," she said.

The Bank of Russia lowered the key rate earlier from 17% to 16.5% for the fourth time in a row.