Seventh consecutive key rate cut is positive signal amid decline in various sectors, monetary policy easing necessary - Russian Economic Development Ministry

MOSCOW. March 20 (Interfax) - The Economic Development Ministry considers the seventh consecutive key rate cut a positive signal, especially given the decline in a number of sectors, and monetary policy easing is necessary for the transition to a sustainable growth trajectory, the ministry said in a commentary on the Central Bank of Russia's decision to cut the key rate from 15.5% to 15.0%.

"Given the current situation, the decline in output in a number of sectors as well as the slowdown in inflation, the gradual seventh consecutive key rate cut is a positive signal," the ministry said.

"Monetary policy easing is a necessary condition for the economy to return to a trajectory of sustainable growth, along with increasing the efficiency of investment and increasing labor productivity," the ministry said.