Putin Signals 2 Rate Cuts in July, Pressuring Russia's Central Bank
Updated
Updated · Bloomberg · Aug 6
Putin Signals 2 Rate Cuts in July, Pressuring Russia's Central Bank
3 articles · Updated · Bloomberg · Aug 6
Summary
Two public comments in July showed Vladimir Putin signaling that Russia’s key interest rate should be lower, an unusually direct intervention ahead of a policy meeting.
That marks a break from years in which Putin largely avoided steering monetary policy in public, defended central bank independence and backed Governor Elvira Nabiullina.
The shift piles fresh pressure on Nabiullina, whose central bank now faces clearer political expectations on borrowing costs than at any point in recent years.