The Russian central bank plans to lower the key interest rate in small steps, ta...
MOSCOW - The Russian central bank plans to lower the key interest rate in small steps, taking into account the risk the government’s spending plans may strengthen the rouble, Governor Elvira Nabiullina said.
“Other things being equal, we are trying to move in moderate steps for the economy to adapt to our new decisions,” she said in an interview with Reuters cleared for publication on Wednesday. Nabiullina said inflows of foreign funds into OFZ bonds have not caused the market to overheat, while volatility in capital flows do not constitute a risk because of Russia’s low state debt. Russia’s debt currently stands at less than 15% of gross domestic product .
Seeking to avoid such a scenario and prop up the price of crude, OPEC and its allies led by Russia agreed to extend oil output cuts until March 2020 on Tuesday.
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