Nabiullina: we need to give businesses maximum opportunities for initiative

The head of the Central Bank of Russia, Elvira Nabiullina, believes that currently businesses need “maximum opportunities” to show initiative, and the task of the Central Bank in this matter is to adjust the work of the financial system so that it meets the needs of business in such a situation.

The Bank of Russia has lowered the key rate to 17%, without even waiting for the planned board meeting of directors, the head of the Central Bank said during a report in the State Duma.

“As the situation in the financial market stabilises and inflationary pressure decreases, we began to reduce the key rate. <...> And we will consider the possibility of its further reduction at the next meetings," the press service of the regulator quotes her as saying.

“At the same time, it is necessary to protect people, their incomes and savings so that real incomes increase and are not eaten up by inflation," concluded the head of the Bank of Russia.

The board of directors of the Bank of Russia has decided to reduce the key rate to 17% per annum from April 11. The Central Bank has announced its intention to make further decisions on the key rate depending on the assessment of risks from external and internal conditions, as well as the reaction of financial markets and other factors to them. The regulator admitted the possibility of continuing to reduce the key rate at the next meetings.