Gref urged to lower the key rate more decisively

It is necessary to take more decisive steps to reduce the key interest rate in Russia. This was announced on July 2 by the head of Sberbank, German Gref, at the Financial Congress.

"In my opinion, a decrease of 100-200 basis points will be completely insignificant. Now we need to take more serious steps," he told reporters on the sidelines of the congress, as quoted by TASS.

In addition, during a speech at the congress, the head of Sberbank stressed that he did not see any risks that the Central Bank, under pressure, would move to too rapid and premature rate cuts. According to him, the real key rate at the moment is 15-16%.

Gref also added that the Russian economy is under unprecedented pressure, but this will ultimately help the Central Bank of Russia to make the right decisions.

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Experts named possible scenarios

On June 30, Deputy head of the Central Bank Alexei Zabotkin said that the regulator next month may consider a more significant reduction in the key rate if inflation is confirmed to be moving towards 4%. He noted that in this case, the rate cut will be more significant than in June this year.