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AND KEY RATE • Monetary policy and the key rate. On 12 September 2025, the Bank of Russia Board of Directors decided to сut the key

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

well as experts from financial institutions and leading information security companies. The key topics to be discussed at the forum in 2026 include strategic development

Bank of Russia may operate information systems in which DFAs are issued. Key requirements for information system operators: • Must be a Russian legal entity; • Experience

characteristics of the development of the payment services market................................................................................................................................4 1.2. Key changes in the regulation of the National Payment System...............................................................9 2. Results

amid lowered expectations for corporate profit growth and the reassessment of the key rate expectations. This increased the appeal of stock quotes, causing the inflow

also be disclosed in a company’s annual report, which is a key source of information for investors. Furthermore, companies are advised to improve their

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