The Bank of Russia is widely expected to maintain its key interest rate at 14.25% when its Board of Directors convenes on July 24, according to a survey of market participants.
The consensus view, shared by 18 of the 22 respondents polled by TASS, reflects a broad agreement that the central bank will pause its easing cycle amid persistent macroeconomic headwinds.
The decision to hold rates steady is driven by accelerating inflation, which has been fueled by rising fuel prices and entrenched inflation expectations.
Experts note that these factors have significantly narrowed the room for further monetary easing, forcing the lender to prioritize price stability over growth support.
The central bank has previously signaled that rates may need to remain elevated for longer than initially anticipated, citing a noticeable surge in cash demand and ongoing inflationary pressures.
This cautious stance aligns with broader market expectations for a prolonged period of high borrowing costs in Russia.