Gref doubts in lowering the key rate until the second half of 2025

The cycle of reduction of the key rate of the Central Bank will begin not earlier than the second half of 2025. This was announced by the head of Sberbank German Gref on December 6.

According to him, the Russian economy in recent years has shown a unique ability to adapt. Gref noted that GDP growth of 1.3% is projected for 2025. He also said that inflation will move to decline, adding that it will remain at 6-7%.

"The beginning of the cycle of reduction of the key rate we expect not earlier than the second half of 2025," - said Gref, speaking during the Investor Day, broadcast on the website of Sberbank.

Compared inflation with a high pulse rate. The main points from Nabiullina's speech at the VTB Forum

On the eve of the chief economist VEB.RF Andrei Klepach said that in December the Central Bank may increase the key rate to 23%. The economist admitted that in early 2025 a new rate increase is possible.

Before that, on December 4, the head of the Central Bank Elvira Nabiullina at the VTB forum "Russia Calling!" noted that the key rate is a powerful tool to fight inflation and this year the increase of this rate helped to prevent the Russian economy from entering the inflationary spiral.

The Central Bank raised the key rate to 21% on October 25. The regulator noted at the time that pro-inflationary effects lead to additional budget expenditures and widening of the federal budget deficit, so it is possible that the rate will be raised further.