Central Bank chief says general direction for reducing key rate in Russia has been set

MOSCOW:  Inflation in Russia has significantly decreased since the beginning of 2025, with external demand and economic activity having slow...

MOSCOW:  Inflation in Russia has significantly decreased since the beginning of 2025, with external demand and economic activity having slowed down, which sets the general direction for reducing the key rate, Central Bank Governor Elvira Nabiullina said.

"Inflation has fallen significantly since the beginning of the year, external demand and economic activity have slowed down. This sets the general direction for reduction of the rate," she told a press conference following the regulator’s board meeting on the key rate.

The Bank of Russia has lowered the key interest rate for the third consecutive time, this time by 1 percentage point, bringing it down to 17% per annum. The regulator intends to maintain such a level of monetary policy strictness as necessary to bring inflation back to target by 2026, with further decisions on the key rate to depend on the sustainability of the inflation slowdown and the dynamics of inflation expectations.

-News Feed