The key rate may rise to 20-22% in 2025, according to the regulator’s draft “Main directions of the unified state monetary policy for 2025 and the period of 2026-2027.”
Author:
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The Bank of Russia expects inflation to rise to 15% in 2025 due to a significant reduction in supply. Therefore, the Central Bank intends to “significantly tighten” monetary policy (MCP).
“The key rate on average in 2025 will be 20.0-22.0% per annum. In 2026, to limit inflation risks and ensure inflation returns to target, the Bank of Russia will also implement a tighter monetary policy than in the baseline scenario,” the Central Bank says in its material.
Russia’s GDP will grow by 3.5-4% by the end of 2024, but more modest figures are expected for 2025-2026. According to data from the Bank of Russia, the national economy will return to a balanced growth path of 1.5-2.5% only in 2027.
At the end of August, Russian banks raised deposit rates again. They now average 19% per annum, but there are better offers. This is due, as expected, to the increase in the official interest rate of the Central Bank of the Russian Federation.
Author:
Nikolai Tikhonov
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
