The Bank of Russia has lowered the key rate to 14%.
Today, July 24, the Bank of Russia decided to reduce the key rate to 14% per annum, that is, by 25 basis points. The next meeting on the key rate will take place on September 11, 2026. Further decisions will depend on the dynamics of inflation and inflation expectations, as well as on internal and external risks.
In its channel, the regulator noted that overall, the Russian economy grew at a moderate pace in the second quarter of 2026. In the summer months, there was a significant increase in prices and a rise in inflation expectations; however, this was largely due to one-off factors.
Experts also emphasized that in June, the growth of lending slowed slightly. Enterprises significantly reduced their expectations for future output and demand.
The Central Bank added that their baseline scenario assumes an average key rate in the range of 14.5-14.6% per annum in 2026 and 10.5-12.5% per annum in 2027. It is expected that due to the sharp rise in fuel prices, annual inflation will be 6-7% in 2026. In 2027 and beyond, it will be at the target.
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The regulator explained the reasons behind its decision.