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16 According to S&P Global, the PMI index dropped to 48 p on average in 2025 Q3 from 50 p in 2025 Q2. The

end of October 2024, the regulator raised the key rate to 21% p.a. and maintained it at this level until June 2025. In 2025

3.4 p in November (vs 2.3 p in October), which was the highest level over 11.8 p +1.9 p on October

Index stood at 2,556 p (-5% MoM) and the Russian Volatility Index (RVI) edged up to 40 p (+3 p MoM). Sectoral indices declined

s Business Climate Index came in at 3.4 p in November vs 2.3 p in the previous month. Compared to October, current estimates

of Russia cuts the key rate by 50 bp to 16.50% p.a. 24.10.2025 Statement by Bank of Russia Governor Elvira Nabiullina

9 p 64 balance of responses, p (SA) (October 2025) Construction 22.7 p 74 Industrial production 16.3 p 63 Services 17.2 p

9 19.7 9.7 20.8 13.4 expectations3 p, SA Business Climate Index p, SA Oct25 2.6 2.4 -1.4 0.