OREANDA-NEWS. February 17, 2009. The Bank of Russia does not intend to cut interest rates in the near future, First Deputy CBR Chairman Alexei Ulyukaev said. “It is still too early to reduce interest rates, since we have to nullify out devaluation expectations, so that not only banks and non-financial organizations, but most importantly, private investors make sure that it’s not worthwhile buying into forex instruments. This will yield no results, except a headache”, Ulyukaev said. “The trend of the forex/ruble deposits should be reversed and ruble deposits should squeeze out forex, which would be an upbeat signal for us about a potential reversal of the interest rate policy”, he said.