Russian Central Bank hints at rate cut

RUSSIA / FSU POLITICS - In Brief 18 Apr 2020 by Alex Teddy
On April 17 the Russian Central Bank (CBR) offered an inkling that it will reduce interest rates. The Governor of the CBR said that a cut would be on the agenda at the board's meeting on April 24. Easing monetary policy is one possible strategy to help boost the economy she said. They key rate is 6%. CBR has not cut the rate since the COVID-19 crisis began. The IMF predicted a 3% drop in the world GDP. CBR expects a recession worse than 2008. The IMF said Russia's GDP will drop 5.5% in 2020.VTB capital forecasts a 50 basis points cut by CBR. That would reduce the rate to a level last seen in 2014.

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