俄央行宣布下调基准利率至17%

Core Points - The Central Bank of Russia announced a 100 basis points reduction in the benchmark interest rate from 18% to 17%, marking the third consecutive rate cut this year [1][2] - The current inflation rate remains above 4%, with the central bank aiming to return inflation to the target level of 4% by 2026 [1] - The central bank's monetary policy has led to a noticeable decrease in inflation indicators since the beginning of the year, but further time is needed to solidify this trend [1] Economic Indicators - The annual inflation rate is projected to decline to 6% to 7% by 2025 under the current monetary policy [1] - GDP growth in the second quarter was slightly below expectations, with domestic demand-related sectors experiencing moderate growth while export sectors faced declines due to multiple factors [1] - Unemployment rate remains at a historically low level, and corporate investment is expected to increase by the end of the year [1] Monetary Policy Implications - The decline in deposit rates has been greater than that of loan rates, leading to an increase in loans, particularly in the corporate sector [2] - The central bank emphasizes the importance of achieving a 4% inflation target for sustainable economic growth and moderate interest rates [2]