Russian Central Bank cuts interest rate to 18%

The statement noted that tight monetary policy will be maintained until 2026 and that interest rate decisions will be guided by the inflation outlook. Under current policies, inflation is expected to decline to 4% in 2025.

Following the war, the Russian Central Bank had raised interest rates to 20%, and implemented a series of rate hikes throughout 2024. Most recently, in June, the rate was cut from 21% to 20%. Currently, annual inflation is hovering around 9.5%.