Russian Central Bank (CBR) President Elvira Nabiullina (pictured) stated on Friday that while "a wide range of opinions" exist regarding the possible rate cut, most of the Board of Directors members believe that it occur in the second half of 2024.
She emphasized that, despite noting a slowdown in inflation, it is still early for such steps. Nabiullina explained that "tight monetary conditions have been formed. Under their influence, savings activity is increasing, while credit activity is gradually cooling down, as a result, the rate of price growth has begun to slow down."
She also said that the option of raising the interest rate was on the table, "but the consensus was to keep it."
