The Bank of Russia Financial Congress discussed the economic slowdown and rate cuts

Central Bank head Elvira Nabiullina said that a slowdown in the economy is inevitable after the rapid growth of previous years, but the coming "turbulent times" will provide "new opportunities for development." And VTB board chairman Kostin emphasized that military spending is the cause of high inflation

The key rate was discussed today at the Financial Congress of the Bank of Russia. The head of the Central Bank Elvira Nabiullina said that the regulator sees inflation slowing faster than expected, but it is still above the target. Slowing inflation to levels below the target will provide space for a faster reduction in the key rate. According to Nabiullina, the Russian economy is in for "turbulent times", but these are "new opportunities for development".

VTB Chairman of the Board Andrey Kostin also spoke about the economy:

Kostin also said that a large number of ineffective enterprises in Russia are "sitting on the government's slack" and that their support must be stopped. He did not name the enterprises themselves.

In her speech at the Financial Congress, Nabiullina said that a slowdown in the economy was inevitable after the rapid growth of previous years. And according to Sberbank CEO German Gref, the Russian economy is already slowing down:

On the sidelines of the Bank of Russia Financial Congress in St. Petersburg, German Gref said that a 100 or 200 basis point reduction in the key rate is insignificant for the economy. "We need to take a much more serious step," said the head of Sber. The next meeting of the Central Bank on the key rate will be held on July 25.