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“In General, data about the economy and inflation confirm our view that there is significant space for reduction of the key rate”, – said Nabiullina. Slowing price growth is faster than previously expected, the regulator, through the strengthening of the ruble against the background of rapid growth in oil prices, she said. Strong disinflationary influence of depressed demand. In may, the annual inflation rate was 3.1% with the objectives of the Bank of Russia on inflation “close to 4%”.

Among others, at the June meeting of the Board of Directors will consider the option of reducing the key rate at once on one percentage point, said Nabiullina. Final decision will be made from current and future statistics on inflation and GDP. At the same time, by words Nabiullina, a sharp change in interest rates is justified only when there is a sharp change in the forecast due to various events. “We are now developing in line with the base forecast”, – said the head of the Central Bank.

While the most probable is the scenario with a reduction in rates to 4.75%, the chief economist at Sovcombank Kirill Sokolov. “In any case, it is expected that the Bank of Russia will maintain the signal on the possibility of further policy easing. In the absence of external shocks by year end key rate may drop to 4%”, – supposes the analyst.

the Bank of Russia at the previous meeting of the Board of Directors in late April lowered its key rate by 0.5 percentage points to the current 5.5% per annum. This is the minimum level for all time of existence of the indicator, so any subsequent reduction will bring the rate to historical lows. The next meeting of the Board of Directors of the Central Bank, which will discuss the level of the key rate, will take place on June 19.