The Central Bank did not rule out a reduction in the key rate until the end of 2025

The Central Bank of Russia is looking at the space for lowering the key rate if economic events develop according to the baseline scenario. This was announced on August 21 by Andrey Gangan, Director of the Monetary Policy Department of the regulator.

"If events develop in accordance with the baseline scenario, then there is still room for a rate cut in 2025, of course. But the rate cut is not a foregone conclusion. There may be different steps, including pauses between declines," he said in an interview with Rossiyskaya Gazeta.

Gangan clarified that pro-inflationary risks still remain, including against the background of the situation in geopolitics. Therefore, the regulator will make decisions carefully, observing the situation, adds the newspaper.Ru». A new meeting of the Board of Directors of the Bank of Russia on the key interest rate is scheduled for September 12.

Who's new: the stakes are going down

Banks warned of a further decline in deposit yields by the end of the year

At a meeting on July 25, the Central Bank of the Russian Federation lowered the key rate to 18% per annum. It was noted that 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, annual inflation will decrease to 6-7% this year, and in 2026 it will return to 4%. The head of the regulator, Elvira Nabiullina, said that the Central Bank allows for a reduction in the key rate by 1, 1.5 or 2% in the future.

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