Sberbank CEO expects key rate to be cut on December 15

Sberbank CEO expects key rate to be cut on December 15

Chief Executive Officer of Russia’s Sberbank German Gref expects the Bank of Russia to reduce its key interest rate by 0.25 percentage points to 8% per annum at the next rate view meeting on December 15, 2017.

"The consensus forecast says there will be a reduction by 25 basis points, and I share this expectation," TASS cited him as saying

Gref added that though that inflation risks persist, which is why the regulator’s conservative policy regarding the rate’s reduction is reasonable.

The Bank of Russia reduced its key rate by 25 basis points to 8.25% per annum at the board meeting in late October. The board also left open the option of further rate reduction at its upcoming meetings.

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