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Financial News: Russia CB Slashes Rate By 50 Bps As

Russia CB Slashes Rate By 50 Bps As Expected, Signals More Cuts

09/15/2017 - 06:55:00 (RTTNews)

(RTTNews) - Russia central bank cut its key interest rate on Friday by half a percentage point, citing the risk of inflation overshooting the 4 percent target over the medium term, and signaled that further reductions are possible over the next two quarters.

The Board of Directors decided to cut the key rate by 50 basis points to 8.50 percent, the Bank of Russia said in a statement. The reduction was in line with economists' expectations.

Policymakers noted that inflation is close to 4 percent, while the economy keeps growing. While inflation expectations have resumed their decline, they have not yet anchored at a low level, the bank said.

"Medium-term risks of inflation overshooting 4 percent dominate over the risk of its steady downward deviation from the target," the bank said.

"In order to maintain inflation close to the 4 percent, the Bank of Russia will continue to conduct moderately tight monetary policy."

The bank "deems it possible to cut the key rate further" during the next two quarters.

The next policy session is scheduled for October 27.

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