MOSCOW, Sept. 12 (Xinhua) -- The Bank of Russia on Friday cut the key interest rate for the third time since June, by 1 percentage point, to 17 percent.
"Stable indicators of the current price growth have not changed significantly and remain mostly above 4 percent year-on-year. The economy continues to return to a path of balanced growth. Credit growth has accelerated in recent months. Inflation expectations remain high," the central bank said in a statement.
According to the bank, Russia's annual inflation currently stands at 8.2 percent and is expected to decline to 6-7 percent for 2025. It's foreseen to reduce to 4 percent in 2026 before remaining in the targeted range.
The share of enterprises experiencing labor shortages has continued to shrink, the statement said, adding that wages have risen at a rate slower than in 2024, but still outpaced the growth in labor productivity.
"Unemployment is at its record lows," it noted. ■