The Board of Directors of the Bank of Russia reduced the rate by 0.25 percentage points to 7.5 percent per annum. This is the first time this has happened since March 2018. Also, the Central Bank may further reduce the key rate at one of the next meetings.
According to the report of the Central Bank, a steady downward trend in inflation has formed at the end of 2019. This was facilitated by the strengthening of the ruble since the beginning of the year, thanks to high oil prices and favorable conditions in the financial markets. According to the forecast of the Bank of Russia, annual inflation will be close to 4 percent.
Analysts estimate that a 0.25 percent increase in the key rate leads to an increase in mortgage rates by an average of 0.5 percent. However, the inverse relationship - with a decrease, is not traced.
Most financiers expected a rate cut. The head of the Bank of Russia, Elvira Nabiullina, speaking on June 6 with an annual report in the State Duma, said that the Central Bank may return to lowering the rate in the second or third quarter.
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