"Gref advocates for a greater reduction in the main interest rate"
In St. Petersburg, at the Financial Congress, Sberbank CEO Herman Gref voiced his concern about the current economic situation, stating that the economy is experiencing a very heavy load and is under unprecedented pressure. Gref's statement was quoted by both TASS and Prime, highlighting his call for a more substantial reduction in the key interest rate by the Bank of Russia.
Gref's remarks came in the context of the Bank of Russia's monetary policy decisions. He suggested that a 100-200 basis points cut would be insufficient to address the genuine pressure on the economy. His statements echoed those made at the same event by the CEO of Russia's largest lender, underscoring the growing demand for more accommodative monetary policy.
Despite vocal opposition from business leaders like Gref, the Bank of Russia had maintained the key rate at a record high of 21% for several months, citing ongoing inflationary pressures and strong demand outstripping domestic capacity as reasons for holding the rate steady. However, on June 6, 2025, the Bank of Russia announced a reduction in the key interest rate by 1 percentage point, from 21% to 20%.
Governor Elvira Nabiullina stated at the time of the rate cut that the previously high interest rate had successfully contributed to a substantial deceleration in inflation, which allowed the bank to reduce the rate moderately without risking renewed inflation acceleration. The reduction marked the first rate cut since September 2022, reflecting a shift as the Russian economy began to cool and inflationary pressures showed signs of easing.
As the Bank of Russia moves forward with its upcoming steps and decisions, there is significant interest from the business community, with Gref expressing particular interest in the bank's future actions. The article was published by RIA "Novy Day" in Anastasia Smirnova.
Sberbank CEO Herman Gref, having expressed concern about the economy's heavy load and unprecedented pressure, urged for a substantial reduction in the key interest rate by the Bank of Russia, suggesting that a 100-200 basis points cut would be necessary to alleviate the economic strain. Furthermore, in the realm of finance and business, Gref's call echoes the growing demand for a more accommodative monetary policy among other industry leaders.
