Russia’s Sberbank CEO says central bank may cut key rate in Sep

MOSCOW, Sep 13 (PRIME) -- There are conditions for the central bank to cut its key rate at the upcoming meeting on Friday, inflation is slowing, national top lender Sberbank CEO German Gref said Tuesday.

“On the whole, there are objective reasons for a key rate cut,” he said.

“There is a problem that in the third and fourth quarters seasonal inflation is slightly growing and the central bank tries to hedge possible inflationary risks, that’s why I would not foresee,” Gref said.

Sberbank projects that inflation may be below 6% in 2016, he said.

“Although lately loan rates become positive and this is amid such fast decrease of inflation, I do not remember such a fast decline of inflation in our country, this certainly bears a negative burden on the economy and this factor should be taken into consideration as well,” Gref said.

At present, the key rate amounts to 10.5%.

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