MOSCOW, 31st August, 2026 (WAM) -- The Bank of Russia projects the key rate at 14.5-14.6% in 2026, and at 13-15% in 2027 under its pro-inflationary scenario, the regulator said.
The key rate is projected at 11-12% in 2028, and at 8.5-9.5% in 2029.
According to TASS, The Central Bank also expects inflation at 6-7% in 2026, 4.5-5.5% in 2027, and at 4% in 2028-2029 under this scenario. GDP growth is projected at 0-1% in 2026, 1-2% in 2027, 0.5-1.5% in 2028, and 1.5-2.5% in 2029.
The Bank of Russia aims to keep inflation close to the 4% target and will assess the reasonability of lowering the target in the future, according to its Monetary Policy Guidelines.
"The target of the monetary policy of the Bank of Russia is an annual inflation rate of close to 4%. The target is effective on a permanent basis. The inflation rate is calculated by the Federal Service for State Statistics (Rosstat) based on the consumer price index (CPI).
As part of its Monetary Policy Review to be completed in 2028, the Bank of Russia will analyze when the economy will be able to form the prerequisites for reducing the inflation target and to what level," according to the document.
Should such a decision be made, it will be announced a few years before the change, the regulator noted.