May 22, 2020 / 10:22 AM / 6 days ago

Russian central bank governor says room to cut rates

MOSCOW, May 22 (Reuters) - Russia’s central bank has room to cut interest rates, with the effect of temporary pro-inflationary factors proving more modest than forecast, Governor Elvira Nabiullina said on Friday.

Nabiullina said earlier this month that the central bank would consider a 100 basis point cut at its next rate-setting meeting on June 19 to limit the economic impact of the coronavirus pandemic.

Nabiullina echoed comments by finance minister Anton Siluanov on Thursday in saying that there were no plans to amend the current fiscal rule, a tool which allows it to build up a rainy-day fund and maintain macroeconomic stability during periods of low oil prices.

Reporting by Andrey Ostroukh and Elena Fabrichnaya, Writing by Alexander Marrow, Editing by Catherine Evans

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