trending Market Intelligence /marketintelligence/en/news-insights/trending/iwzzb9muklcgfz7z0nlw5a2 content esgSubNav
In This List

Ruble drops as Russian PM calls for interest rate cuts


Insight Weekly: Bank boards lag on gender parity; future of office in doubt; US LNG exports leap


Insight Weekly: Job growth faces hurdles; shale firms sit on cash pile; Africa's lithium future


Street Talk | Episode 99 - Higher rates punish bond portfolios, weigh on bank M&A


Insight Weekly: Loan growth picks up; US-China PE deals fall; France faces winter energy crunch

Ruble drops as Russian PM calls for interest rate cuts

Russian Prime Minister Dmitry Medvedev called on the country's central bank to cut interest rates to fuel economic expansion, sending the ruble to its lowest level since 2016.

Medvedev said at a finance ministry conference that the Central Bank of the Russian Federation needs to "move from neutral credit regulation to stimulating [growth]", the Financial Times reported.

"Even despite all the success we've had in limiting inflation, rates are still quite high and in that sense we are counting on the Bank of Russia's active position on that issue," Medvedev was quoted as saying in the report.

The ruble dropped as much as 1.9% following Medvedev's remarks. It was trading at 69.38 to the dollar at 1:17 p.m. ET.

Medvedev's comments differed with those of central bank Governor Elvira Nabiullina, who had hinted at the possibility of raising the bank's key rate next week or keeping it at 7.25%.

The head of the central bank's monetary policy department, Alexei Zabotkin, said some factors in favor of a rate hike have emerged, Reuters reported.

The ruble also weakened amid increased geopolitical tensions as the U.S., Canada, Germany and France backed the U.K.'s assessment that Russian officers were behind a nerve-agent attack on a former Russian spy and his daughter earlier this year.