The Central Bank announced a reduction in the key rate from 17% to 16.5%. The previous reduction occurred on September 12 — from 18% to 17%.
In a press release, the CB acknowledged that a «prolonged period of tight monetary policy» would be necessary. The forecast for the average key rate in 2026 has been raised to 13.0 — 15.0%. The increase in the forecast is «related to the impact of one-time pro-inflationary factors».
At the same time, the Central Bank acknowledges the acceleration of current price growth. Among the one-time factors of price growth, the regulator notes the increase in fuel prices and fruit and vegetable products. Inflation in annual terms was 8.2%, by the end of 2025 it is expected to be in the range of 6.5–7.0%.
In early September, the head of Sberbank, German Gref, stated that the Russian economy had entered a phase of «technical stagnation», as GDP growth rates had significantly declined. In his opinion, one way to get out of this situation — a significant reduction in the rate to the level of 12–14%.
The Central Bank raised the key rate from July 2023. By October 2024, it had increased from 7.5% to 21% and remained at that level until the reduction in June 2025.