Lowering the rates in September and October was not considered for 3 reasons - the head of the central bank.
Elvira Neviolina said that the Bank of Russia in the previous two months only considered keeping the interest rate. Among the reasons she named:
Changes in the inflation situation during the summer. Until the restoration process is completed, demand should grow at a moderate pace.
Inflation expectations, which decreased in the first half of the year, and then increased for objective reasons;
Budgetary contribution to demand in 2026 and in the following 2 years is higher than expected.