The Bank of Russia raised the forecast of the average key rate for 2027 to 12.5–13.5%. This is stated in a statement by the Chairman of the Bank of Russia, Elvira Nabiullina, following a meeting of the board of directors of the Central Bank, which maintained the key rate at 14% per annum.
Inflation in the stable part remains at an elevated level, inflation expectations in the economy are near the highs of recent years, the head of the Central Bank emphasized.
This situation may last longer than the regulator estimated in July 2026. Therefore, in order for inflation to return to 4%, the Bank of Russia will need a longer period of moderately tight monetary conditions.
