Russia's Central Bank head doesn't rule out reducing key rate in July

Russia's Central Bank head doesn't rule out reducing key rate in July

A second consecutive interest rate reduction is possible at the Russian central bank’s next meeting on July 26, Russia's Central Bank Governor Elvira Elvira Nabiullina said at the International Financial Congress in St. Petersburg.

"Inflation has been reasonably contained and we think pro-inflationary risks are limited for the next 6-12 months if there are no external shocks. We will consider the possibility of a cut in July," Bloomberg cited the Central Bank chief as saying.

According to Nabiullina, the central bank prefers to make small moves on the key rate, but did consider a half-percentage point cut at the last meeting, and will do so again. 

On June 14, the board of directors of Russia's Central Bank has cut its key rate by 25 bp to 7.5% per annum. The next meeting of the Board of Directors will be held on July 26, 2019. 

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