Bank of Russia may consider rate cut if current trends persist

Bank of Russia Governor Elvira Nabiullina stated that the central bank will consider cutting interest rates at its next meeting if the current economic trends continue.

However, she emphasised that such a move is not guaranteed and will be made cautiously based on data.

Nabiullina also reiterated the bank’s opposition to the use of cryptocurrencies for domestic payments. She described cryptocurrencies as volatile and risky assets, noting that while their use in foreign economic activities—particularly as investment instruments—is permitted, the Bank of Russia does not intend to invest in cryptocurrencies itself.

It is worth noting that on 6 June, the Bank of Russia cut its policy rate from 21% to 20%, marking the first reduction since September 2022.

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