MOSCOW, April 15. /TASS/. Analysts interviewed by the Bank of Russia have upgraded their average key rate outlook for this year to 14.1% per annum, according to the regulator’s macroeconomic survey that it regularly conducts among market participants.

The average key rate outlook has also been upgraded to 10.7% from 10.3% for 2027, and to 9% from 8.9% for 2028.

The GDP growth outlook for 2026 remained unchanged at 1%. The forecast for 2027 was downgraded from 1.6% to 1.5%, while the 2028 outlook remained intact at 1.8%.

Inflation projections for 2026 and 2027 were raised to 5.5% and 4.4%, respectively while the 2028 outlook remained unchanged at 4%.

Moreover, survey respondents lowered their expectations for the average annual dollar-to-ruble exchange rate, with the forecast adjusted to 81.2 rubles per dollar, 89 rubles and 96.3 rubles for 2026, 2027, and 2028, respectively.