Bank of Russia cuts by less than expected
Governor cites pro-inflationary risks for decision to ease by 25bp rather than the anticipated 50bp
The Bank of Russia today (June 19) cut interest rates by less than expected, announcing an easing of 25 basis points to 14.25%. The bank had been expected to cut by 50bp.
In a statement, the bank struck a somewhat hawkish tone: “Fiscal policy over the three-year horizon will be more accommodative than previously expected. This may require a higher key rate path than assumed in the April baseline scenario.”
In a separate statement, governor Elvira Nabiullina said there had been a slight improvement
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