Bank of Russia cuts key rate to 14.5% at April 24 meeting
The Facts
- The Bank of Russia cut its key rate by 50 basis points to 14.5% per annum at its April 24 board meeting.
- The central bank said domestic demand dynamics have approached the economy’s capacity to expand the supply of goods and services.
- The Bank of Russia said measures of underlying or sustainable price growth have not yet declined and remain in the range of 4-5% in annualized terms.
- The regulator said there is substantial uncertainty related to external conditions and the parameters of budget policy.
- The Bank of Russia said it will assess whether further rate cuts are appropriate at upcoming meetings based on the sustainability of inflation slowing, inflation expectations, and risks from external and domestic conditions.
- The decision extends the Bank of Russia’s run of consecutive rate cuts, which multiple outlets described as the eighth in a row.
- The central bank kept its 2026 inflation forecast at 4.5-5.5%, while saying inflation is expected to move close to 4% in the second half of 2026 and be at target in 2027.
Context
Why did the Bank of Russia say it cut the rate?
The central bank said domestic demand has moved closer to the economy’s supply capacity, which supported another rate cut. At the same time, it said underlying price growth is still running at 4-5% in annualized terms, so the easing was accompanied by caution rather than a clear signal of faster cuts TASS,Interfax.ru,Anadolu Ajansı.
What does the decision mean for future rate moves?
The Bank of Russia did not commit to a fixed path. It said future decisions will depend on whether inflation slows sustainably, how inflation expectations evolve, and how external and domestic risks develop Татар-информ,Interfax.ru,Anadolu Ajansı.
What is the inflation outlook the central bank gave?
According to the Bank of Russia’s updated guidance, inflation for 2026 is still forecast at 4.5-5.5%. The regulator also said it expects inflation to be near 4% in the second half of 2026 and at target in 2027 Interfax.ru,���.Ru // �….
How left and right read it
The notable point is that the central bank sees demand moving closer to what the economy can actually supply, and it is easing rates while still watching price growth that remains at 4-5% in annualized terms. That makes this less about a single cut than about managing the balance between supporting economic activity and keeping inflation on a path back toward target.
What stands out is the bank’s restraint: even after an eighth consecutive cut to 14.5%, it is explicitly tying any further moves to inflation slowing sustainably, inflation expectations, and risks from external conditions and budget policy. The emphasis is on preserving credibility and not letting uncertainty or policy drift push rate-setting onto a looser, less disciplined path.
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