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Bank of Russia unlikely to cut key rate in the next six months — former finance minister

The high price of oil will make it possible to avoid serious fluctuations in the ruble exchange rate under current conditions, according to Alexei Kudrin

MOSCOW, April 10. /TASS/. Former Finance Minister and head of the Center for Strategic Research Alexei Kudrin believes that the Bank of Russia is unlikely to go on reducing the key rate in the coming six months. He said this when talking to reporters on the sidelines of the Moscow Stock Exchange forum.

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"This (the current situation in the financial markets - TASS) will not affect strongly the economic growth. On the other hand, it will require the Central Bank to pay extra attention to inflation, so I think we should not wait for the Central Bank to cut the key rate in the nearest half-year," Kudrin said.

The high price of oil will make it possible to avoid serious fluctuations in the ruble exchange rate under current conditions, according to Kudrin.

"Despite the exit of some foreign investors from the Russian stock market, nevertheless, we now have a high price for oil. In this respect I do not expect any serious new fluctuations. In addition, the weakened ruble helps Russian exports, and a number of industries are likely to earn. In general the balance will be quite good, it will not affect strongly the economic growth, "he said.

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