Bloomberg experts ruled out the reduction of the key rate of the Central Bank before the election

The Central Bank will not loosen its policy at the start of a new electoral cycle, I think 10 of the 14 economists surveyed by Bloomberg. According to them, July 29, when the Central Bank will have to announce the decision about the rate, the regulator will leave its current level of 10.5%, experts say.

At the previous meeting of the Bank of Russia on 10 June, the key rate was lowered for the first time since Aug 2015 — from 11% to 10.5%. The head of the Central Bank Elvira Nabiullina in an interview with “Vedomosti”, published on 29 Jun, told what to say “about the beginning of the cycle of decline in interest rates is premature.