Achieved tightness of monetary policy sufficient to return inflation to target of 4% by end of 2026 - CBR deputy governor

MOSCOW. Sept 2 (Interfax) - The achieved tightness of monetary policy is sufficient to return inflation to the target of 4%, Central Bank of Russia Deputy Governor Alexei Zabotkin said at a press conference on Tuesday.

"We believe that the achieved tightness of monetary policy is sufficient for annual inflation to return to the target of 4% by the end of 2026," he said.

Monetary policy tightening that has occurred is having an impact on inflation. "The pace of price growth this year is systematically and significantly slowing down," he said.

The Central Bank began a cycle of monetary policy tightening in the second half of 2024. In July last year, the key rate was increased by 200 basis points (bps) to 18%, in September by 100 bps to 19% and in October by 200 bps to 21%. The rate then remained unchanged for four consecutive meetings. The CBR lowered the key rate in June 2025 by 100 bps to 20%, and in July by another 200 bps to 18%.