Group 1 - The Moscow Exchange suspended trading on September 13 without providing a reason for the halt [1] - The Central Bank of Russia lowered the key interest rate by 100 basis points to 17.00% on September 12, which was less than expected amid calls for more aggressive easing due to economic slowdown [1] - Experts had anticipated a faster rate cut due to lower-than-expected total demand and inflation in the Russian economy [1] Group 2 - On July 25, the Central Bank of Russia reduced the key interest rate by 200 basis points to 18.00%, maintaining a tight monetary policy to achieve inflation targets by 2026 [2] - The bank expects the average key interest rate for this year to be between 18.8% and 19.6%, with a target of 12.0% to 13.0% by 2026 [2] - Inflation is projected to decrease to 6.0%-7.0% this year and stabilize at 4.0% by 2026, with the second quarter of 2025 showing a drop in inflation from 8.2% to 4.8% [2] Group 3 - The labor market has shown signs of easing, with a decrease in the number of companies reporting staff shortages, although wage growth remains above productivity [3] - The unemployment rate is at historical lows, but labor shortages pose a potential inflation risk if domestic demand accelerates without a corresponding increase in productivity [3] - Credit expansion is slower than in previous years, with consumer loans contracting while mortgage and corporate loans see moderate growth [3] Group 4 - The Central Bank acknowledges persistent inflation risks but also considers deflation risks, particularly if credit and demand cool faster than expected [3] - Fiscal policy is a crucial factor in the bank's forecasts, with the assumption that the government will maintain its current fiscal stance through 2025 [3][4] - The Central Bank is focused on returning to sustainable low inflation levels, requiring patience and caution in decision-making [4]
重大突发！莫斯科交易所暂停交易，原因未明！
Zheng Quan Shi Bao·2025-09-13 08:28