Shokhin predicted a pause in reducing the key rate until February 2027

The Central Bank of Russia is likely to keep its key rate at 14% at least until February 2027. This was announced on November 14 by Alexander Shokhin, Presidential Commissioner for the Protection of Entrepreneurs' Rights, head of the Russian Union of Industrialists and Entrepreneurs (RSPP).

"Until February, I personally do not expect any gifts from the Central Bank for business in the form of a rate cut," TASS quoted him as saying.

According to Shokhin, the upcoming pause in monetary policy easing is evidenced by the latest statements by the chairman of the regulator, Elvira Nabiullina, who pointed to the validity of the current level of the key rate.

In addition, according to the head of the Russian Union of Industrialists and Entrepreneurs, the Bank of Russia can explain the preservation of the rate by the need to analyze the impact of changes in the tax system on the economy. Shokhin admitted that it would be difficult to argue with such an argument from the regulator.

Double-digit answer: The Central Bank has planned a reduction in the key rate in 2027

When will the rate return to the values of two years ago and what prevents the Bank of Russia from easing policy faster?

Nabiullina said on November 9 that it was impossible to rush to reduce the key rate, as this could lead to higher prices and interest rates in the economy. She noted that in modern conditions, the authorities should restrain the increase in cost, as well as leave room for expansion of production.