Russian central bank Governor Elvira Nabiullina said that a cut to the key interest rate was still possible in the second or third quarter of 2019.
The central bank has continued the policy of diversifying its international reserves, she told the lower house of parliament.
Nabiullina also said that the central bank is closely watching retail lending growth as it is outpacing the expansion of corporate lending, Reuters reported.
On April 26, the board of directors of Russia's Central Bank held its key interest rate at 7.75%, but said it could consider cutting rates as early as June. The next meeting of the Board of Directors will be held on June 14.
