The head of Rosneft named the reasons for the insufficient rate of reduction of the key rate

One of the reasons for the relatively slow reduction of the key rate in Russia is the excessive indexation of tariffs of natural monopolies. This was announced on August 30 by the head of Rosneft, Igor Sechin, on the company's official website.

"Excessive indexation of tariffs regulated by the government of the Russian Federation accelerates cost inflation, contributes to price increases and is one of the reasons for the slower reduction in the key rate. Despite the Bank of Russia's decisions in June and July, the pace of rate cuts is clearly insufficient," Sechin said.

According to him, the increase in tariffs outstrips inflation and creates additional pressure on the oil industry. Since the beginning of the year, Transneft's tariffs for oil transportation have increased by 9.9%, for petroleum products — by 13.8%, Russian Railways tariffs for freight transportation — by 13.8%, Gazprom's regulated wholesale gas prices have increased by 10.2% since July 1, and tariffs of grid companies for electricity transmission — by 11.6%.

Sechin added that the high key rate contributes to the excessive strengthening of the ruble, an increase in debt servicing costs and a decrease in the investment activity of exporting companies, which negatively affects the budget and financial stability of corporate borrowers.

The obvious is incredible: what will be the Central Bank's key rate by the end of 2025

Experts named possible scenarios

On July 25, the Central Bank of Russia lowered its key rate to 18% per annum. According to the regulator's forecast, annual inflation will decrease to 6-7% this year, and in 2026 it will return to 4%.

Andrey Kochetkov, a private investment consultant, told Izvestia on August 26 that the key rate of the Central Bank of Russia could drop to 17% at the upcoming meeting of the regulator on September 12. According to him, this forecast allows us to make the observed dynamics of inflation in the Russian Federation in the last few weeks.

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