The Bank of Russia announced a third since the beginning of the pandemic lower rates. The Central Bank cut the key rate by 0.25 percentage points to 4.25%. This is a historic low, from the data controller. In June the Central Bank reduced the rate by 1 p. p.”the Disinflationary factors continue to have a significant impact on inflation. After a decline in may-June, the inflation expectations of population and business in General have stabilized. Although the easing of restrictive measures on the revival of economic activity, the recovery of the global and Russian economy will be gradual. In these circumstances there is a risk of deviations of inflation down from 4% in 2021,” reads the message of the Central Bank.The Bank of Russia, taking into account the monetary policy annual inflation at 3.7–4.2% in 2020, 3.5 to 4.0% in 2021 and will be close to 4% in the future. GDP is projected to decline by 4.5 to 5.5% in 2020. Further, the projected recovery of the Russian economy by 3.5–4.5% in 2021 and 2.5–3.5% in 2022.Analysts had expected the decline rate to 4%. According to the forecast of the savings Bank, the rate may drop to 4% by the end of September. In April, the Central Bank lowered the key rate to 5.5% in March, the rate was maintained at 6%, while this rate was reduced six times since October.
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