Key rate may drop to 18% in July - Aksakov

The Bank of Russia may reduce the key interest rate by 2 percentage points to 18% annually at its meeting on July 25, 2025, Chairman of the State Duma Committee on the Financial Market Anatoly Aksakov said.

"We see that the Bank of Russia has begun gradually lowering the key rate. On the 25th, I am confident the Central Bank will reduce the rate, and I even allow for the possibility of a 2-percentage-point cut," Anatoly Aksakov said.

On June 6, the Bank of Russia lowered the key rate by 100 basis points to 20% annually, after a prolonged period of maintaining it at 21%. At the time, the regulator emphasized the need for a sustained period of tight monetary policy.