Russian President Vladimir Putin said the country’s key interest rate should be lowered if macroeconomic indicators and the overall state of the economy support such a move. He made the statement during a meeting with Yakutia head Aisen Nikolaev, according to RBC.
Putin described a rate cut as an “natural process.” RBC noted that he raised the issue after a conversation with Central Bank governor Elvira Nabiullina.
The Bank of Russia has been cutting the key rate since June 2025. The most recent reduction came in June 2026, when the rate was lowered from 14.5% to 14.25%.
In April 2026, the Central Bank forecast that the key rate would remain in the 14–14.5% range during the year. Its next rate-setting meeting is scheduled for July 24, 2026.
At the same time, in early July the Bank of Russia said there was less room left for further cuts.
“Painful decisions are needed, along with temporarily high key rates. Therefore, promises to lower rates soon are deceptive reassurance,” Elvira Nabiullina said.