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FACTBOX: Bank of Russia’s key statements after fifth consecutive key rate cut

According to the regulator, overall economic activity growth continues at a moderate pace, but the dynamics are uneven across sectors

© Artyom Geodakyan/TASS

MOSCOW, December 19. /TASS/. The Bank of Russia has lowered its key rate by 50 basis points to 16% per annum, according to a press release from the regulator. This is the fifth consecutive time the Central Bank decided to lower the key rate.

The regulator noted that labor market tensions are gradually easing.

TASS has compiled key information on the key rate.

About key rate cut

- The Bank of Russia lowered its key rate for the fifth time in a row, to 16%.

- Further decisions on the key rate will be made depending on the sustainability of the inflation slowdown and the dynamics of inflation expectations.

About Russia's monetary policy

- Overall economic activity growth continues at a moderate pace, but the dynamics are uneven across sectors.

- Monetary conditions have somewhat eased overall, though remaining tight.

- Domestic demand is backed up by rising household incomes, expanding lending activity, and budget expenditures.

On inflation

- The Bank of Russia will maintain monetary conditions as tight as required to return inflation to the target. This means that monetary policy will remain tight for a long period.

- According to the Bank of Russia, when the effect of the VAT increase and the indexation of administered prices and tariffs fades, disinflation will continue.

- Annual inflation, estimated as of December 15, was 5.8% and is expected to be below 6% by the end of 2025.

- Underlying inflation will reach 4% in the second half of 2026.

- Pro-inflationary risks still prevail over disinflationary ones in the mid-term horizon.

- Disinflationary risks involve a more significant slowdown in domestic demand.

- The key proinflationary risks are associated with a longer upward deviation of the Russian economy from a balanced growth path and high inflation expectations, the effects of the increase in VAT and administered prices as well as with the deterioration in the terms of external trade.

On the unemployment rate

- Unemployment remains at historical lows.

- Wage growth is still outpacing the growth in labor productivity.

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