Chairwoman says central bank can cut key rate faster over virus

MOSCOW, Apr 28 (PRIME) -- The Russian central bank can reduce the key rate faster than earlier as it understands the scale and character of the current economic shock, Chairwoman Elvira Nabiullina said on Tuesday.

"It is important for the economy to receive support, including relatively cheap money after the defreeze first of all,” Nabiullina said.

“This is why we focus on the fact that we have more potential for further reduction of the key rate. And understanding the character and scale of the current economic shock we are talking about the possibility of cutting the rate in bigger steps than earlier."

On April 24, the central bank cut the key rate by 0.5 percentage points to 5.5% annually, the lowest since the end of 2013– the beginning of 2014, and launched a stimulating monetary policy. The ruler estimated the additional potential for key rate reduction at one percentage point.

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