April 28, 2020 / 10:27 AM / a month ago

Russia's central bank governor: we can cut rates in bigger steps

MOSCOW, April 28 (Reuters) - Russia’s central bank sees room for more cuts to its key interest rate and could lower rates in bigger steps than before to support the economy, Governor Elvira Nabiullina said on Tuesday.

Nabiullina, speaking to the lower house of parliament, said banks will see bad loans increase this year amid the coronavirus outbreak and lockdowns.

Nabiullina said unsecured retail lending will contract by up to 5% this year. (Reporting by Andrey Ostroukh and Elena Fabrichnaya; Editing by Catherine Evans)

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