Gref and Kostin do not expect the Central Bank to raise the rate on Friday – Kommersant

The key rate level of 12% set by the Central Bank (CB) will not remain this way for long, says Sberbank head German Gref. Both he and the head of VTB Andrei Kostin believe that at the meeting this Friday, September 15, the Central Bank is unlikely to raise the rate again.

According to Mr. Gref, “this is not a very long story.” “My feeling is that this won’t last long. It doesn’t seem to me that they will go further seriously. I think within three months it will be clear how the situation will develop,” he said on the sidelines of the EEF (quoted by RIA Novosti).

Mr. Kostin is convinced that against the background of the strengthening of the ruble, the Central Bank will not raise the rate. “Given the current downward trend in the dollar exchange rate, I think that the Central Bank will refrain from raising the rate; it seems to me that it will remain. …I think the measures that the Central Bank took, the rhetoric, and the fact that the Central Bank and the financial authorities are serious about taking action,” he explained.

Board of Directors of the Central Bank at an extraordinary meeting on August 15 raised the key rate immediately by 3.5 percentage points, to 12%. The regulator assured that the decision was made in order to limit risks to price stability. After the Central Bank’s decision, the dollar was declining up to 95 rub./$. Today, September 12th, he traded below 93 RUR/$.

About the development of the situation – in the material “Kommersant FM” “The key bet is asking for an increase”.

Laura Keffer