May 24, 2017 / 2:23 PM / 3 months ago

Sberbank expects Russian economy to recover amid rate cuts in 2017

MOSCOW, May 24 (Reuters) - The Russian central bank could cut its key rate to 8 percent by the end of the year, paving the way for an acceleration in an economic recovery, the chief economist at Russia's largest lender Sberbank said on Wednesday.

Speaking on a conference call after Sberbank reported a record high net profit, Julia Tseplyaeva also said an economic recession in Russia was over.

The central bank, which is set to hold five more rate-setting meetings by the end of the year, last cut its key rate to 9.25 percent in April. (Reporting by Alexander Winning; Writing by Andrey Ostroukh)

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