(Finance) – The Russian central bank, in today’s monetary policy meeting, found herself having to choose between lowering the key rate to 8%, 8.5% or 9%, and then proceeding with a decrease in the cost of money 150 basis points, from 9 , 5% to 8%. The governor said so Elvira Nabiullina in the press conference following the rate announcement. “We basically discussed three options: 8%, 8.5% and 9% – she explained – There is still the potential to lower the rate further in the medium term, and we have shown this in our forecast for the average key rate. If you look at the trajectory, it’s gradually going down, “she said.
“Everything will depend on the information that will arrive – added Nabiullina, as reported by the Russian agency Interfax – The situation is uncertainthere are many multidirectional alternating factors and therefore we will adjust monetary policy to return to 4% by 2024, but we react all incoming information, of course, to emerging trends. “
“The dynamics of imports is in line with our expectations. The data has started to recover after a substantial decline – the official said – Consumer imports are increasing mainly due to the opening of new supply routes. There are still no clear signs of recovery in terms of intermediate imports and investments “.
“Lending activity has recovered slightly, although it is still contained – he added – I mortgages are catching up faster, albeit mainly due to preferential programs. Unsecured consumer loans have also started to grow. Loans to businesses are picking up and Ruble loans are replacing foreign currency loans“.