VTB CEO: Russia's key interest rate could be cut

VTB Bank Chief Executive Andrei Kostin said he thought there was scope for rate cuts in Russia and that the key rate, now at 10 percent, could be cut by 0.25-0.50 percentage points.

Kostin was speaking to journalists on the sidelines of a business forum.

The Russian central bank also said earlier this month that it sees room for a rate cut in the first half of 2017 as inflation slows down quicker than expected, Reuters reported.

The board of directors of Russia's Central Bank decided to keep the key rate at 10% per annum at its first board meeting in 2017 on February 3.