Bank of Russia to Cut Key Rate to 17% in September, Boosting Yakutia's Economy
The Bank of Russia has announced plans to cut its key rate to 17% per annum in September. This move, aimed at making credit resources more accessible, opens up new opportunities for Yakutia's economy. Kirill Tremasov, an advisor to the Bank of Russia's Chairman, discussed this reduction, which is expected to facilitate modernization, job creation, and business expansion in the region.
The Central Bank's plans extend beyond this rate cut. It aims to reduce the annual inflation rate in Russia to 4% by 2026 and maintain it at that level thereafter. This involves adjusting the key rate based on inflation stability and the dynamics of inflation expectations. In Yakutia, inflation decreased by 0.21% in August compared to July, with an annual inflation rate of 8.75%. To ensure regional voices are heard, a communication session on monetary policy was held in Yakutsk, attended by representatives from the Bank of Russia, regional authorities, banking community, public organizations, and entrepreneurs. Kirill Bychkov, Chairman of the Yakutia Government, emphasized the importance of direct dialogue between the Central Bank and the regions.
The Bank of Russia's key rate reduction to 17% per annum in September is set to boost Yakutia's economy. Alongside this, the Central Bank's long-term inflation reduction plans to 4% by 2026 are expected to stabilize the economy. Open dialogue between the Central Bank and regional authorities, as seen in Yakutsk, will help tailor monetary policy to local needs.
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