Bank of Russia Cuts Key Rate by 0.50% to 7.75%

Moscow | 15th December 2017

On 15 December 2017, the Bank of Russia Board of Directors decided to cut from 8.25% to 7.75% per annum. Inflation holds at 2.5% and will gradually draw near 4% by late 2018. The extension of the agreement to reduce oil production brings pro-inflationary risks down over a one-year horizon. In recognition of this, the Bank of Russia cut its key rate by 50 basis points.


Medium-term pro-inflationary risks still prevail over the risks of inflation’s sustainable deviation downward from the target. The Bank of Russia will continue its gradual transition from moderately tight to neutral monetary policy.

Moving forward, the Bank of Russia’s key rate decisions will be based on its assessment of the balance of risks of inflation’s material and sustainable deviation in either direction from the target, as well as the dynamics of economic activity against the forecast. The Bank of Russia holds open the prospect of some key rate reduction in the first half of 2018.

Official Press Release by Bank of Russia

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