Russian central bank cuts rates again but Nabiullina warns over deficit
Higher structural deficits would force central bank to raise rates, governor says
Russia’s central bank cut its policy rate today (September 16) again today, despite governor Elvira Nabiullina warning of rising inflationary pressures.
The Bank of Russia’s monetary policy committee cut its key rate by 50 basis points to 7.5%. “ With this level of the key rate, we estimate that we are in the zone of neutral monetary policy,” Nabiullina said in a statement.
The MPC raised rates by 1,050 basis points on February 24, hours after Russia invaded Ukraine, and has been reducing
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