Nabiullina announced a set general direction for reducing the key rate

In the economic situation in Russia, a general direction has been set for reducing the key interest rate. This was announced on September 12 by the head of the Central Bank of Russia, Elvira Nabiullina, following a meeting of the regulator's board of directors.

"Today we decided to reduce the key rate to 17% per annum. Inflation has decreased significantly since the beginning of the year, while external demand and economic activity have slowed down. This sets the general direction for lowering the rate," she said at a press conference.

According to Nabiullina, it is necessary to act carefully here, since under the current conditions there remains uncertainty on the part of the budget. At the same time, the Central Bank of the Russian Federation records that inflation expectations remain high and almost do not decrease in all categories. Therefore, it takes time for the disinflationary trend to take hold.

"The ongoing monetary policy has led to the fact that the indicators of stable inflation have noticeably decreased since the beginning of the year, but we need time to consolidate the disinflationary trend," she said.

Cumulative affect: a sharp decline in the key threatens to withdraw 10 trillion from deposits

In what scenario is this possible and when will the Central Bank rate drop below 10%

Earlier in the day, the Central Bank announced a reduction in the key rate to 17% per annum. According to the regulator's forecast, in 2025, taking into account the current monetary policy, annual inflation will drop to 6.0-7.0%, and in 2026 it will return to the target level of 4.0%. Subsequently, inflation is expected to remain at the target level.

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