The Bank of Russia lowered the key rate to 8% following the meeting on July 22. This is the fifth consecutive reduction of the key rate after its sharp increase at the end of February.
In the second half of the year, the Central Bank will assess the feasibility of a further reduction in the key rate, the regulator said in a statement. The Central Bank promises to make further decisions on the key rate by taking into account the actual and expected dynamics of inflation relative to the target, the process of structural adjustment of the economy, as well as assessing the risks from internal and external conditions and the reaction of financial markets to them.
