Recent reports that the Bank of Russia plans to restore the key rate to the 2023 level by March do not reflect the regulator’s stated position. The claim appeared in coverage from RBC, which cited a representative of the Bank. The central bank has not announced a timetable for a rate cut, and officials have stressed that policy will respond to how inflation and inflation expectations move over time. In practice, decisions depend on the evolving inflation path, price pressures, and the wider economic outlook, and multiple policy tools remain on the table as the year progresses.
Elvira Nabiullina, president of the Bank of Russia, spoke to a group within the Communist Party and did not spell out exact dates for adjusting the key rate. She underscored that the future trajectory of rates would be determined by inflation dynamics and by how inflation expectations develop, rather than by a fixed calendar. Her remarks come amid ongoing discussions about price growth and the risk that expectations could influence future policy moves.
A few hours earlier, State Duma deputy Maria Prusakova, speaking to the Communist Party faction, said Nabiullina anticipated a rate reduction starting in March, with the level gradually converging toward the 2023 mark. Prusakova argued that the central bank would allow inflation to ease while ensuring financial stability, and that the pace of any easing would follow the data rather than a predetermined schedule.
Deputy Governor Andrei Zabotkin indicated the bank had not ruled out a possible increase in the rate at its December meeting. He stressed that such a decision would not be set in stone and would depend on the economic picture that unfolds in the final month of the year. He added that authorities would weigh price growth, demand and external developments before any move.
Earlier, the central bank had signaled concerns about sustained price growth in Russia, noting that higher than target inflation remained a factor for policy. Analysts watch for shifts in consumer prices and the inflation trajectory as a key driver of any future adjustments to the policy rate.