Former Finance Minister and now head of the Council of the Center for strategic development Alexey Kudrin supported the decision of the Bank of Russia to reduce the key rate by 0.5 percentage points
“The Central Bank has reduced the rate to 10.5%. That’s right, that lowered, and it is right that the conservative,” Kudrin wrote in his microblog on Twitter.
Explaining today’s decision, the Central Bank has linked it with the stabilization of inflation, lower inflation expectations and risks, and prospect of economic recovery.
Later, the head of the Central Bank Elvira Nabiullina said that the current reduction of the key rate cannot be considered the beginning of a cycle of decline.
“We are confident that with proper monetary policy can achieve inflation target of 4% by the end of next year, so of course, the potential for a rate cut there. But the trajectory of decline rates — when, in what amounts will be reduced rate — these decisions depend on how future economic situation — will be implemented or be new inflation risks, so we have a careful, balanced approach,” — said Nabiullina (quoted by “Interfax”).