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as is required to return inflation to the target in 2026. Further key rate decisions will depend on the sustainability of the decrease in inflation

Republic, the Zaporozhye Region, and the Kherson Region. CONTENTS Russian Federation ............................................................................ 6 Key trends in Russian regions ........................................................... 7 Core economic indicators .................................................................. 8 Inflation in Russian

1.8% after gaining 1.1% in July. Corporate loans remained the key contributor to the growth. Furthermore, retail lending also started to expand in

most representative sample in Russia. On average, about 15,000 enterprises of key types of economic activity took part in the surveys every month in

made for them. Accrued interest receivable/ The Bank of Russia key rate (hereinafter, the key rate) is an payable is included in related type of

were still elevated. Bank credit and deposit rates were declining following the key rate cuts. In July and August, faster growth in monetary aggregates was

did you discuss keeping the key rate unchanged? ELVIRA NABIULLINA: The Board of Directors considered two alternatives: reducing the key rate by one percentage point

releases the Summary of the Key Rate Discussion. The Bank of Russia Board of Directors will hold its next key rate meeting on 24 October

late Q3 and Q4 of this year. o The reduction of the key rate to 18% and market expectations for its future path, un- derpinned

9.00% Rule p.a. or the key rate reduced Key rate reduced by 1.50 pp Key rate reduced by 1.50 pp by