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Post: Gref expects a fall in inflation and the central bank’s key rate in 2023

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Herman Gref. Archive photo

The head of Sberbank Gref expects a decrease in inflation and the key rate of the Central Bank of Russia in 2023

MOSCOW, November 11 – RIA Novosti. Sberbank CEO German Gref expects further slowdown next year inflation Lowering the key rate in Russia and the Central Bank.

In an interview with Naila Asker-zade on Rossiya 24 TV channel, Gref said, “I think we will most likely see a further decrease in inflation. It seems to me that the Central Bank may lower rates next year.” said.

The head of Sberbank, “The budget will run a deficit, so everything should be fine with liquidity. And I think deposit instruments will be at the level of inflation, maybe even a little lower.”

He explained that so far deposit rates are a reflection of the situation with the demand for money. “As soon as banks run out of liquidity, which is not the case today, deposit rates will rise. Today, the entire banking system is giving a little too much, so deposit rates are negative relative to inflation.” said the banker.

At the end of October, the Central Bank of Russia interrupted the key rate cut cycle as expected, leaving it unchanged at 7.5% for the first time since March.

According to the Ministry of Economic Development, annual inflation in Russia fell to 12.52% on November 7, from 12.69% a week ago. The head of the ministry, Maxim Reshetnikov, said that inflation in Russia at the end of 2022 could be in the range of 12-12.4% – better than the forecast.

Source: Ria

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