(Bloomberg) -- Russia’s central bank moved up the date of its next interest-rate meeting by more than two weeks after government officials suggested further monetary easing may be needed to help stem the ruble’s surge against the dollar.
The central bank didn’t comment on what options would be on the agenda but officials have said further cuts were likely as inflation has declined in the months since an emergency rate hike to 17% in the days after Russia’s Feb. 24 invasion of Ukraine.
The decision will be announced at 10:30 a.m. Moscow time on Thursday but there will be no news conference after the meeting, the bank said.
The benchmark rate now stands at 14% and the next scheduled meeting wasn’t until June 10. Boosted by surging exports and capital controls that have sapped demand for foreign exchange, the ruble has soared to the highest levels since 2018, posing a threat to exporter competitiveness and the budget.
The Economy Ministry said earlier this week that the ruble’s strengthening was nearing a peak, noting that further rate cuts would help ease the pressure on the currency.
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