RUSSIA: Siluanov Sees Budget Making Room for Further Rate Cuts
Oct-29 08:33
- Finance Minister Siluanov spoke to Interfax earlier today, stating that his ministry hopes their budget policy measures will have made room for further CBR rate cuts. Siluanov was responding to last week's CBR rate decision, at which the bank upgraded their forecast for the average key rate across 2026 to 13-15% from 12--13%, which now has to be factored into the finance ministry's workings. Siluanov noted that "necessary adjustments will be made to the Budget" however he hopes the ministry has already made room for lower policy rates. He is speaking alongside CBR governor Nabiullina at the Federation Council today.
- At the council, Nabiullina noted that FX sales from the sovereign wealth fund are to be lower next year relative to 2025. She is commenting on the financial sector's role in economic development.
- Data due later today includes retail sales, construction output, real wages and unemployment rate for September.
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