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future key rate decisions, while still keeping the key rate unchanged. In June 2023, the Bank of Russia admitted the possibility of a key rate

foreign currency and exporters’ supply of foreign currency. Key rate and communication as monetary policy instruments The key rate is the interest rate on main

of Russia key rate Source: Bank of Russia calculations. SPREAD BETWEEN RUONIA AND KEY RATE WIDENED IN JULY DUE TO EXPECTATIONS OF KEY RATE CUT

the key rate meeting on 25 April 2025, the forecast has been changed as follows. Key rate. The forecast range of the average key rate

INFLATION RISKS 9 ................................................................................................................................................................................................................................................................................................................................................................................................................................................ CONCLUSIONS FOR MONETARY POLICY AND THE KEY RATE DECISION .......................................................................................................................................................................................................................................................................................................................... 10 Summary of the Key Rate Discussion 2 ECONOMIC SITUATION AND INFLATION MAIN

overall since the previous key rate meeting, while remaining restrictive. Price monetary conditions became less tight in nominal terms. Following the key rate cut 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

accordance with the international classification,1 CBDCs can be divided into two key types, specifically retail and wholesale CBDC models. The retail model features a

Board of Directors decided to cut the key rate by 200 bp to 18.00% per annum. Further key rate decisions will depend on the

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