The Central Bank of Russia may initiate a reduction in the key interest rate in 2024, likely during the latter half of the year, contingent upon a sustainable deceleration of inflation.
This assertion was made by the Chief of the Central Bank, Elvira Nabiullina, during a joint session of State Duma committees. She underscored that prevailing high inflation risks persist, alongside other considerations necessitating attention in the decision-making process regarding the key rate. Nonetheless, any rate reduction would be gradual and methodical.
The most recent meeting of the Bank of Russia’s Board of Directors convened on March 22, 2024, maintaining the rate at 16%.
Nabiullina also stressed the imperative of heightening Russian banks’ accountability concerning financial sector fraud, advocating their proactive engagement in anti-fraud measures.
Furthermore, she urged the expedited enactment of regulatory frameworks enabling the commencement of cryptocurrency utilization experiments in external economic transactions.
[Photo: Screenshot from Rutube video]