17:02 - 25.07.2025

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July 25, Fineko/abc.az. The Board of Directors of the Bank of Russia has again decided to reduce the key rate by 200 bps, to 18% per annum from 20%.

ABC.AZ reports that the Bank of Russia notes that pro-inflationary risks prevail over disinflationary ones in the medium term. The main pro-inflationary risks are still associated with longer-term continuation of the upward deviation of the Russian economy from the trajectory of balanced growth and high inflation expectations, as well as with deterioration of foreign trade conditions.

"A further decrease in the growth rate of the global economy and oil prices in the event of increased trade contradictions may have pro-inflationary effects through the dynamics of the ruble exchange rate. Geopolitical tensions remain a significant factor of uncertainty. Disinflationary risks are associated with more significant slowdown in credit growth and domestic demand under the influence of tight monetary conditions," the press release says.

The bank also updated its forecast for the oil price calculated for tax purposes for 2025-2026, reducing it to $55 per barrel from $60 in the previous, April forecast. The forecast for 2027-2028 is $60 per barrel.