Russian Central bank sees signs of stabilisation in economy

Russian Central bank sees signs of stabilisation in economy

The Russian economy is now showing signs of stabilisation, the central bank's head of monetary policy said on Tuesday, after taking a hit from unprecedented Western sanctions imposed against Moscow.

However, Kirill Tremasov, who oversees the monetary policy at the central bank, said the crisis in Russia is developing along a more gradual trajectory than initially feared.

"We are clearly on a gentler trajectory. We are already seeing signs of stabilisation," Tremasov said.

He spoke ahead of a July 22 board meeting where the central bank is expected to trim its key interest rate from 9.5% to support the economy with cheaper lending.

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