Zabotkin called the achieved monetary policy rigidity sufficient

The achieved monetary policy rigidity is sufficient for inflation to return to the target 4% by the end of 2026. This was announced on September 2 by Alexey Zabotkin, Deputy Chairman of the Bank of Russia (CBR), at a press conference.

"The ruble exchange rate is stronger today than it was last summer, and this strengthening occurred after an additional tightening of monetary policy in the second half of last year," said Zabotkin.

The Bank of Russia began a phased reduction in the key rate from a record 21% in June 2025, reducing the rate to 20% per annum. The Central Bank has repeatedly stressed that a long period of tight monetary conditions is needed to bring inflation back to its target.

According to Zabotkin, the results of these conditions are already noticeable. The achieved monetary policy rigidity is enough for annual inflation to return to the 4% target by the end of 2026, the deputy chairman of the Central Bank added.

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Earlier in the day, Zabotkin also noted significant progress in reducing inflation in the Russian Federation and added that a premature and excessive reduction in the Central Bank's rate would not only not save budget funds, but would also result in additional costs in the future.

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