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The Bank of Russia Board of Directors decided to cut the key rate by 300 basis points to 17.00% per annum from 11 April 2022. External conditions for the Russian economy are still challenging, considerably constraining economic activity. Financial stability risks are still present, but have ceased to increase for the time being, including owing to the adopted capital control measures. There is a steady inflow of funds to fixed-term deposits. Annual inflation will continue to rise due to the base effect. Yet, the latest weekly data point to a noticeable slowdown in the current price growth rates, including owing to the ruble’s exchange rate dynamics. The tightening of monetary conditions already in place is partly offset by the lending support programmes launched by the Government and the Bank of Russia, but it will continue to limit pro-inflationary risks.

Today’s decision reflects a change in the balance of risks of accelerated consumer price growth, decline in economic activity and financial stability risks. In its further key rate decisions, the Bank of Russia will take into account risks posed by external and domestic conditions and the reaction of financial markets, as well as actual and expected inflation dynamics relative to the target and economic developments over the forecast horizon, and holds open the prospect of further key rate reduction at its upcoming meetings.

The Bank of Russia Board of Directors will hold its next rate review meeting on 29 April 2022. The press release on the Bank of Russia Board decision and the medium-term forecast are to be published at 13:30 Moscow time.


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