Russian interest rates could be in single figures by year end, predicts Ulyukayev

Alexei Ulyukayev, Russian Minister of Economic Development,

Russian interest rates could be down in single figures by the end of the year or the early months of 2016, Economic Development Minister Alexei Ulyukayev predicted yesterday. “Based on the level of financial stability, the provisions of the national currency, the situation in the monetary and foreign exchange market, based on the dynamics of inflation – perhaps we will soon overcome its top point – I believe that we have the opportunity to continue to move towards reducing rates, of course, weighing the risks for inflation and economic growth,”  he added.  Ulyukayev made the prediction during a defence of the Central Bank’s recent decision to lower its key interest rate to 14%, a move which he  called “timely and justified and  “a step in the right direction.” 

Source: Rosbalt