Sberbank: Russian cbank may cut key rate below 10% by end-2016

MOSCOW, May 25 (PRIME) -- Russia’s central bank is likely to reduce the key rate below 10% by the end of 2016, Sberbank’s Deputy CEO Alexander Morozov said during a conference call on Wednesday.

“A sensible, moderate, not very fast cut of the key rate can be expected. It is cutting by no more than 50 basis points at a time. I do not rule out that the key rate may fall to below 10%, let us say, to 9.5% by the end of the year. It is my expectation,” Morozov said.

Russia’s key rate stands at 11%. The board of directors of the central bank will consider the rate at a meeting on June 10.

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