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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

in the market in January—June 2025 are available in the Review of Key Indicators of Insurers for 2025 Q2. Preview photo: Nikolaborovic / Shutterstock / Fotodom

Consumer Sentiment 11 No. 8 (104) August 2025 COMPANIES’ PRICE EXPECTATIONS BY KEY INDUSTRY Chart 11 63х82 (BALANCE OF RESPONSES, P, SA) 80 70 60

Box 1 of the draft document. The key rate and communication are the main monetary policy instruments. The key rate affects interest rates on loans