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Average key rate in Russia likely to be 10-11% per annum in 2027 — VTB forecast

VTB First Deputy CEO Dmitry Pyanov stressed that the bank would take into account this measured forecast in its strategic plans

MOSCOW, June 30. /TASS/. Russian VTB Bank expects that the Central Bank will adjust its forecast for the average key rate in 2027 at the next key rate-setting meeting and increase the range from 8-9% to 10-11%, First Deputy CEO of VTB Dmitry Pyanov said at the annual general meeting of shareholders.

"The expectation of the primary budget deficit, in our opinion, will prompt the Bank of Russia at the next key rate-setting meeting to adjust it by plus 2 percentage points, so the average key rate will probably be not 8-9% but 10-11% next year," Pyanov said.

"We will take into account this measured forecast in our strategic plans," the senior executive added.