VTB experts gave forecasts on the ruble exchange rate and the key rate

By the end of 2025, the ruble should gradually weaken to 85 rubles per dollar and the key rate at 16%. This was told by VTB My Investments analysts during the presentation of the investment strategy for the fourth quarter of 2025.

The widest possible portfolio diversification will be a key decision for investors by the end of the year, VTB believes. The prerequisites for this are high interest rates and cautious steps to ease the monetary policy of the Bank of Russia, said Stanislav Kleshchev, investment strategist at VTB My Investments.

Assessing the key rate, VTB stressed that the reduction to 16% is not the limit. The cycle is likely to continue next year, and the rate may drop to 14% by the end of the year. "And even this is not the end point: according to our forecast, the rate may drop to 10% by 2027," said Alexey Kornilov, investment strategist at VTB My Investments. He noted that the decline will be smooth.

According to Maxim Perlin, Managing director of the investment advisory department of VTB My Investments, as the key interest rate decreases, bonds will take the place of money market funds in investments. Long-term government securities with a maturity of 10-15 years can bring the greatest result, he believes.​

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