Russia VTB CEO sees cbank cutting key rate at least by 1pp in April

HO CHI MINH CITY, Vietnam, Apr 7 (PRIME) -- Andrei Kostin, CEO of VTB Bank, Russia’s second largest bank by assets, expects the central bank to decrease the key rate at least by one percentage point or even more in April, he told reporters on Tuesday.

“Of course we expect a decrease of the rate. I believe that the central bank will be careful. But I believe in April, (the rate) may be decreased by one percentage point at least,” he said.

In December 2014, the regulator increased the key rate from 10.5% to 17% to stabilize situation on the currency market. In January the authority cut the rate to 15% and in March decreased it further to 14%.

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