The Central Bank lowered the key rate by 50 basis points – Finance – Kommersant

The Board of Directors of the Bank of Russia at a scheduled meeting on July 16 decided to lower the key rate by 50 basis points to 7.50% per annum. As stated in press release regulator, consumer price growth remains low, contributing to a further slowdown in annual inflation, and business dynamics are better than expected in July. At the same time, external conditions for the Russian economy remain difficult, while inflation expectations of the population and price expectations of enterprises are still at an elevated level.

Recall that at the end of February, the Central Bank raised the key rate immediately to 20% against the backdrop of sanctions against Russia imposed in response to the military operation in Ukraine. After the situation stabilized from April, the rate began to decline and by July reached 8% with a forecast for further reduction.