It will be the central bank's third rate cut since June this year. The rate cuts come after both prominent Russian business leaders and politicians have openly warned that the high interest rate threatens the country's economy.
Among other things, Sberbank's CEO German Gref has said that Russia fell into "technical stagnation" during the second quarter of the year. He primarily blames the country's interest rate and has said that the interest rate should be lowered to 12 percent or lower.
Of the major companies in Russia, every third company reported losses during the first half of 2025, writes Moscow Times.
The interest rate is now down four percentage points since the beginning of the summer. Last autumn, the interest rate was shock-raised to 21 percent, which is higher than the peak of the Russian interest rate in 2022, in connection with Russia launching its full-scale attack on Ukraine.
