Bank of Russia Hikes 2027 Average Rate Forecast to 12.5-13.5%

The Bank of Russia raised its 2027 average key rate forecast to 12.5-13.5% from 10.5-12.5%, signaling a more hawkish path than previously expected. This suggests persistent inflation pressures or a slower easing cycle, likely reflecting ongoing economic constraints. The revision implies higher-for-longer rates, which could support the ruble but weigh on growth.

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