MOSCOW, June 3. /TASS/. The Bank of Russia will most likely decide to lower the key rate by around 50 basis points at its June 19 meeting, followed by further gradual cuts to 12% by December, CEO and chairwoman of rating agency Expert RA Marina Chekurova said in an interview with TASS ahead of the St. Petersburg International Economic Forum (SPIEF).

"We maintain our expectations of a gradual reduction in the rate by around 50 basis points at the remaining meetings, with a forecast of 12% in December. In 2027, we expect steps of 25-50 basis points and a reduction of the rate to 9.5% by the end of the year," Chekurova said.

According to her, the economic situation requires a faster and more substantial rate cut. At the same time, the pace of monetary easing could slow in the event of external shocks or if fiscal policy becomes more accommodative, the Expert RA chief concluded.

The 29th St. Petersburg International Economic Forum (SPIEF-2026) is taking place on June 3-6. This year, the event is held under the theme "Pragmatic Dialogue: The Path to a Stable Future." Saudi Arabia is the guest country at SPIEF. The forum program is dedicated to shaping a new model of global development amid the ongoing transformation of the world economy.

The program includes the SME Forum, the Creative Industries Forum, the Day of the Future International Youth Economic Forum, and the Ensuring Drug Security Forum. As part of the cultural program, the Petersburg Seasons festival and the traditional SPIEF Sports Games will take place. This year, Russia’s national economic development institution VEB.RF is the title partner of SPIEF.

The Roscongress Foundation is the organizer of the St. Petersburg International Economic Forum. TASS is its official general information partner.