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the limits on the Bank of Russia auction-based liquidity providing (absorbing) operations". The sign reflects the factor’s influence on the banking sector liquidity. ** Including

the limits on the Bank of Russia auction-based liquidity providing (absorbing) operations". The sign reflects the factor’s influence on the banking sector liquidity. ** Including

Q4–2028 Q4 are the Bank of Russia’s forecast. Sources: Rosstat, Bank of Russia calculations. Key assumptions The Bank of Russia’s forecast is

Commentary on the Bank of Russia’s Medium-term Forecast 24.04.2026 Bank of Russia’s medium-term forecast 24.04.2026 Bank of Russia cuts

Box. Macroeconomic Survey by the Bank of Russia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 2 Commentary on the Bank of Russia’s Medium-term Forecast THE BANK OF RUSSIA’S MEDIUM-TERM

Deposits with the Bank of Russia Deposits of Credit Institutions with the Bank of Russia Deposit Standing Facility Interest Rates Deposit Auction Maximum Bid Rates

Interest Rates of the Bank of Russia Interest Rates on Foreign Currency Operations in 2014-2021 (dates of changes) Interest Rates on Monetary Policy Operations (from

first Governor of the bank. Initially, the State Bank was mainly engaged in short-term commercial lending. In the 1920s, the bank was a key actor

first Governor of the bank. Initially, the State Bank was mainly engaged in short-term commercial lending. In the 1920s, the bank was a key actor