Nabiullina explained the inability to quickly reduce the key rate

A hasty reduction in the key rate of the Central Bank of the Russian Federation would undo all the progress made in slowing inflation. This was announced on October 28 by the Chairman of the Central Bank, Elvira Nabiullina, at a joint meeting of the State Duma committees.

"I understand that it is not easy for businesses during this period, especially small, medium and heavily indebted ones, and the calls to lower the key rate faster, of course, they are also completely understandable. But our assessment shows that a hasty rate cut would undo all the progress made," she said.

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