Gref called for lowering the key rate

The Russian economy is already supercooled and the key rate of the Central Bank of the Russian Federation needs to be lowered. This opinion was shared by the head of Sberbank, German Gref, at the annual meeting of shareholders of the credit institution on June 30.

According to Gref, the economy cannot last long at extremely high rates, and the real rate in Russia is now about 10%. He noted that such a level can only be applied over a short horizon to cool the economy.

"What is being applied today is quite obvious, we have already overcooled the economy. And the rate needs to be lowered," TASS quoted Gref as saying.

"The Central Bank's 8-10% rate will be comfortable for businesses and will help economic growth"

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On June 19, the Central Bank of Russia decided to reduce the key rate by 25 basis points to 14.25%. As noted in the regulator, the trend towards easing monetary conditions remains, but their overall level remains tight.

The chairman of the Bank of Russia, Elvira Nabiullina, responding to a question from Izvestia, said on the same day that the Central Bank of the Russian Federation does not perceive calls from business and the public to lower the key rate as pressure. According to her, the decision on the rate is made by the Bank of Russia independently based on its own analysis.