Russia cuts key rate to 14.0% despite inflation forecast rise
The Russian central bank cut its key rate by 25bp to 14.0% despite raising its 2026 inflation forecast.
The inflation forecast was raised to 6.0%-7.0% from 4.5%-5.5% due to a rise in fuel prices.
The current-account surplus projection was reduced to USD 48bn from USD 72bn, and the oil-price assumption for taxation was cut to USD 60/bbl from USD 65/bbl.