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INFLATION RISKS ................................................................................................................................................................................................................................................................................................................................................................................................................................................ 8 CONCLUSIONS FOR MONETARY POLICY AND THE KEY RATE DECISION ........................................................................................................................................................................................................................................................................................................................................ 9 Summary of the Key Rate Discussion 2 ECONOMIC SITUATION AND INFLATION MAIN

both the key rate cuts in the previous months and the downward revision of market participants’ expectations regarding the future path of the key rate.

also discussed the information from the Board of Directors relating to the key areas of the Bank of Russia’s activity in 2025 Q2 and

may not exceed the amount calculated on the basis of the double key rate of the Bank of Russia effective on the day when the

the financial market of the Russian Federation and ensure its stability. A key element of the legal status of the Bank of Russia is its

Consumer Sentiment 11 No. 9 (105) September 2025 COMPANIES’ PRICE EXPECTATIONS BY KEY INDUSTRY Chart 11 63х82 (BALANCE OF RESPONSES, P, SA) 80 70 60

into account the key rate decision made by the Bank of Russia on 12 September 2025 and includes the calendar of key rate decisions for

suggestions through 31 October 2025. The digital public infrastructure will be a key topic of the Forum of Innovative Financial Technologies Finopolis 2025 to be

Board of Directors decided to cut the key rate by 100 bp to 17.00% per annum. Future key rate decisions will depend on the

is based on interest rates and yields in the key market segments, affecting each other (the key rate has a direct effect on short-term money