Nabiullina pointed to the potential for easing monetary policy 

There is potential for easing monetary policy in Russia, but the pace of its implementation has been slower than predicted. This was announced on July 24 by the head of the Central Bank of the Russian Federation, Elvira Nabiullina, at a conference following a meeting of the Board of directors.

"We see further potential for monetary policy easing, but at a slower pace than previously anticipated," she said.

Alexey Zabotkin, Deputy Chairman of the Central Bank, in turn, noted that it is necessary to take into account that the disposal of some production facilities is purely temporary, and according to the baseline forecast, the situation will mostly return to normal by the end of 2026.

Summer rates stand: Central Bank to raise inflation forecast to 6-7.5% this year

The market predicts that the key level will remain at 14.25%

On the same day, Nabiullina, commenting on the acceleration of inflation recorded in the country, called it a temporary phenomenon. She explained this situation with the events in the Middle East and the reaction of the population to the June events in the fuel market and added that, given the stimulating budget, the process of softening the PREP should become smoother.

Later, the head of the Central Bank of the Russian Federation drew attention to the fact that there are already positive changes, in particular, in the fuel market. The situation there, she added, is returning to normal.