According to experts interviewed by Interfax, such a decision may be related to contradictory economic trends. On the one hand, lending has shown moderate growth over the past three months, and the strengthening of the ruble is helping to stem inflationary risks. In addition, there are changes in the investment strategies of companies and their approaches to hiring staff.
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However, current inflation remains significantly higher than the regulator's targets. As of February 10, it was about 10% in annual terms, which is higher than in 2023. Inflation expectations of the population increased slightly to 14% in January, while business price expectations remained unchanged after four months of growth.
Analysts suggest that in March-April, the Bank of Russia may tighten its policy, and the possibility of a rate cut will appear no earlier than the second half of 2025.
In anticipation of the Central Bank's decision, the largest banks lowered the maximum deposit rates, we wrote about this in more detail.
