The Russian central bank is likely to cut interest rates near the end of this ye...
MOSCOW - The Russian central bank is likely to cut interest rates near the end of this year after inflationary expectations stabilised over the past month, a Reuters monthly poll of 19 analysts and economists showed on Friday.
Inflation in Russia has been rising this year, driven by a planned increase to value-added tax, higher petrol prices and the rouble’s drop in value in 2018. The central bank, which its key interest rate at 7.75 percent in March, is now expected to cut the rate to 7.50 percent in the fourth quarter. The median forecast last month envisaged no rate cuts this year.
Economic growth is expected to pick up in the medium term, after the rate cut, as the effect of a higher tax burden fades, Kuznetsov said.
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