The Bank of Russia has lowered the key rate to 11% per annum.

The Board of Directors of the Bank of Russia decided to reduce the key rate from May 27, 2022 to 11.00% per annum. 

The inflow of funds for term ruble deposits continues. Credit activity remains low. 

The risks to financial stability have decreased somewhat. Capital controls have become softer. 

The Bank of Russia will make further decisions on the key rate taking into account the actual and expected dynamics of inflation relative to the target, the process of structural adjustment of the economy, as well as assessing the risks from internal and external conditions and the reaction of financial markets to them, and admits the possibility of lowering the key rate at the next meetings. 

The next meeting of the Board of Directors of the Bank of Russia is scheduled for June 10, 2022.