MOSCOW, September 9. /TASS/. The Bank of Russia’s Board of Directors may keep the key rate unchanged at 14% per annum at its upcoming meeting on September 11, according to 18 of 19 experts surveyed by TASS. Analysts noted that accelerating underlying inflation, fuel shortages, a weaker ruble, and uncertainty over budget parameters are limiting the scope for further monetary policy easing.
At its previous meeting in July, the Bank of Russia cut the key rate for the fifth consecutive time since the beginning of the year, lowering it by 0.25 percentage points to 14% per annum. The regulator said that the acceleration in price growth during the summer months was largely attributable to one-off factors, while underlying inflation indicators remained within an annualized range of 4-5%. At the same time, the Bank of Russia raised its 2026 inflation forecast to 6-7% and noted the need for a more gradual reduction in the key rate.
In late August, Bank of Russia Deputy Governor Alexey Zabotkin noted that the room for a rate cut had already narrowed in July and that further decisions would depend on the actual situation. Adviser to the Bank of Russia Governor Kirill Tremasov also said that the situation on the fuel market should become clearer and more predictable by the regulator’s October meeting, while it was still too early to draw conclusions.
