On September 12, 2025, the Board of Directors of the Bank of Russia decided to reduce the key rate by 100 bps to 17% per annum. This is stated in the message of the Central Bank.
The steady indicators of the current price growth have not changed significantly and mostly remain above 4% in annual terms. The economy continues to return to a balanced growth trajectory. Lending growth has intensified in recent months.
Inflation expectations remain high. The Bank of Russia will maintain such tight monetary conditions as are necessary to bring inflation back to its target in 2026.
Further decisions on the key rate will be made depending on the sustainability of the slowdown in inflation and the dynamics of inflation expectations.
According to the Central Bank's forecast, taking into account the current monetary policy, annual inflation will decrease to 6-7% in 2025, return to 4% in 2026 and will remain on target in the future.
