Evgeny Goryunov, Head of the Monetary Policy Department at the Gaidar Institute, commented on the outcome of the Bank of Russia’s Board of Directors meeting held on April 24, 2026. The regulator decided to lower the key rate to 14.5%.
“A 50-basis-point rate cut was predicted by most analysts, so it came as no surprise. Overall, the macroeconomic situation has changed little over the past month and a half, so the Central Bank’s decision was predictable. Current inflation remains within the 5–6% range, credit growth stands at around 12–13%, and the annual growth in the money supply has stabilized at around 11–12%. Economic growth is slowing, but positive momentum persists for now. The regulator’s statement notes that “the dynamics of domestic demand have approached the capacity for expanding the supply of goods and services,” indicating that the gradual cooling continues but has apparently not yet reached the necessary level. This means that policy easing will proceed at the same pace. “It is important to note that, from the regulator’s perspective, fiscal policy remains a potentially pro-inflationary factor. Therefore, the future trajectory of the rate will depend, among other things, on the extent to which the Ministry of Finance’s plans to cut spending are implemented,” the expert said.