Russian Central Bank Governor Nabiullina: Key rate decisions not predetermined until end of 2025; remains room for reduction

SOCHI. Oct 9 (Interfax) - The Central Bank of the Russia will continue to pursue a cautious approach in its monetary policy, decisions on the key rate have not been predetermined by the end of the year, and there remains room for a rate cut, Central Bank Governor Elvira Nabiullina said.

"Our approach is indeed cautious and careful. We always try to be prudent, taking into account all risks and all dynamics. Currently, subsequent decisions have not been predetermined by the end of the year. Everything will depend on the economic situation, including inflation, inflation expectations, lending, consumer and investment activity, and, of course, the labor market," Nabiullina told reporters on the sidelines of the Finopolis conference.

"We are analyzing all economic trends, though there remains room for a rate cut," she emphasized.

The Central Bank will adjust the key rate path forecast following the pivotal meeting of the board of directors on October 24, Nabiullina said.

The CBR's July forecast is for an average key rate of 18.8%-19.6% in 2025 and 12%-13% in 2026.