CBR Sees Slightly Lower Russian GDP Growth in 2026 on Lagged Rate Effects

The Central Bank of Russia projects 2026 GDP growth slightly below the prior year's 1%, citing the lagged transmission of key rate changes on credit and demand. Deputy Chairman Zabotkin notes full rate effects materialize over 3-6 quarters, implying monetary tightening continues to weigh on growth. This signals a modest growth downgrade amid persistent inflation management, with implications for RUB assets and fiscal outlook.