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VTB analysts expect Central Bank’s key rate to remain at 16% so far — CEO

"Particularly due to the fact that money keeps flowing to the system, despite high crediting interest rates, the Central Bank may be more conservative and give up a reduction by the end of the year," Andrey Kostin said

MOSCOW, May 24. /TASS/. Analysts of Russia’s second-biggest lender VTB expect the Central Bank’s key rate to remain at the level of 16% so far, Chief Executive Officer Andrey Kostin said.

"Not long ago we expected [the key rate] to go [down]. Now our analysts believe that it will be maintained because of inflation… Particularly due to the fact that money keeps flowing to the system, despite high crediting interest rates, the Central Bank may be more conservative and give up a reduction by the end of the year, keeping the rate roughly at this level," he said during a dialogue on business with high-net-worth clients.

Central Bank Deputy Governor Alexey Zabotkin told reporters earlier that the latest data, including on households' inflation expectations, pointed to stronger arguments for maintaining a tight monetary policy for a long period.

The next meeting of the regulator’s board of directors on the key rate is scheduled for June 7, 2024.

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Central Bank of Russia VTB

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