PRESS: Russia’s central bank says to cut key rate gradually

MOSCOW, Mar 10 (PRIME) -- Russia’s central bank will reduce its key rate gradually, and the rate can fall to 6.5–7% after inflation steadily slows to 4%, Igor Dmitriyev, head of the monetary policy department, said in an interview with the Komsomolskaya Pravda newspaper released on Friday.

“We will reduce it, but gradually. Once inflation falls to 4% and stably remains at this level, the rate could be 6.5–7%. The reduction potential is limited for the next few months, but still remains,” he said.

The key rate currently stands at 10%. The central bank’s next meeting on the issue is scheduled for March 24.

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