Gref predicted that the Central Bank will reduce the key rate after the first quarter of 2024
The head of Sberbank, German Gref, in an interview with the Rossiya-24 TV channel, said that he expects the Central Bank of Russia (CBRF) will begin to reduce the key rate in the country after the first quarter of next year.
As Gref noted, the Central Bank rate at the end of next year is expected to be above 10 percentage points. At the same time, he indicated that after the first quarter of 2024 the key rate will have to begin to decline.
According to the head of Sberbank, as of now the rate is “prohibitive”, and it has sharply reduced both corporate, as well as consumer lending. Gref pointed out that for now mortgages survive with the help of government subsidies, but the growth rate of the loan portfolio next year is significantly lower.