Russian Central Bank cuts rates to 14%

In July 2026, the Russian Central Bank lowered its key interest rate to 14%, despite rising inflation resulting from Ukrainian drone attacks on oil refineries and e-commerce warehouses. This move surprised the markets, which had expected the rate to remain unchanged. The central bank also reduced its economic growth forecast for 2026 to between zero and 1%, while raising its inflation projections to between 6% and 7%, compared to previous estimates of 0.5% to 1.5% growth and 4.5% to 5.5% inflation.

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