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needed in order to bring inflation back to 4% in 2026. Further key rate decisions will depend on the pace and sustainability of the decrease

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

the key rate meeting on 14 February 2025, the forecast has been changed as follows: • Key rate. The forecast range of the average key rate

to climb slightly above the key rate level. • Interest rates on deposits and spreads between deposit rates and the key rate returned to the levels

environment for the Russian economy and thus improve predictive capabilities and analytics. Key words: Russia, China, international business cycles, trade relations, OECD TiVA, Global VAR

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

operator of the information system where DFAs are issued shall assess the key documents describing a foreign asset and the rights of its owners for

2.4. Risk assessment methods...............................................................................................................................................8 2.5. Scenario analysis as a key risk assessment method...........................................................................................9 2.6. Climate risk monitoring...................................................................................................................................................10 2.7.

decided to keep the key rate at 21.00% per annum. The Bank of Russia’s further decisions on the key rate will depend on

Consumer Sentiment 10 No. 4 (100) April 2025 COMPANIES’ PRICE EXPECTATIONS BY KEY INDUSTRY Chart 11 (BALANCE OF RESPONSES, P, SA) 80 70 60 50