The Russian central bank sent a clear signal on Monday that it would cut interes...
MOSCOW - The Russian central bank sent a clear signal on Monday that it would cut interest rates soon, saying that expected monetary easing by the U.S. Federal Reserve should justify rate cuts in Russia.
“This gives an extra space for monetary policy easing in emerging market countries and in Russia in particular,” Zabotkin told a monetary policy meeting in Russia’s lower house of parliament. If the key rate is cut from its current level of 7%, it will dive below that mark for the first time since March 2014 and into the 6-7% range that the central bank deems neutral. RUCBIR=ECIZabotkin’s comments echoed those of his boss, central bank governor Elvira Nabiullina, who said last week that the bank could now cut rates faster than previously thought.
The Federal Reserve will hold its own rate-setting meeting on Oct. 30. It has cut U.S. interest rates twice in 2019 and expectations of further reductions in 2020 prompted Zabotkin to hint at easier monetary policy at home, which he said will help accelerate lending activity in Russia.
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