MOSCOW, March 20. /TASS/. Consumer demand is currently cooling after a strong recovery in late 2025, while the Russian economy's upward deviation from its balanced growth path is continues to decrease, the Bank of Russia said in a press service following the regulator's board of directors meeting.

"The upward deviation of the Russian economy from a balanced growth path is decreasing. High-frequency data and business surveys indicate slower growth in economic activity in early 2026. Consumer demand cooled after its sharp rise in late 2025, which was mainly driven by expectations of higher VAT and recycling fee. Business sentiment also implies more moderate domestic demand," the regulator notes in a press release.

On Friday, the Bank of Russia cut its key rate by 0.5 p.p. to 15% for the second time this year.