Shohin Does Not Expect Central Bank Rate Cut This Year

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The Board of Directors of the Bank of Russia is unlikely to resume lowering the key interest rate before 2027, according to Alexander Shokhin, head of the Russian Union of Industrialists and Entrepreneurs (RSPP) and business ombudsman.

"Probably not this year, but definitely next year," Shokhin was quoted as saying by Interfax.

He believes that at the upcoming meeting, the Board will maintain the current rate, but the rhetoric will be "tough."

• At the previous meeting on September 11, the Bank of Russia kept the key rate at 14% per annum following a series of ten consecutive rate cuts.