VTB top manager Dmitry Pyanov named the comfortable level of the key rate.

      May 27, 2026 16:16 Economy For businesses and citizens, the long-term target for the key rate is in the range of 8-9%, stated Dmitry Pyanov, First Deputy President and Chairman of the VTB Management Board, in an interview with TASS ahead of the SPIEF-26. "Any key rate above 9% will mean overpayment relative to the normal level. It may be acceptable for some economic players and unacceptable for others. But if a person and an economic agent think long-term, then they need to wait for the key rate of 8-9%," explained the top manager. He added that as long as the inflation target is not achieved, rates will objectively be elevated. According to the updated medium-term forecast of the Bank of Russia, in 2026, the average key rate is expected to be at the level of 14-14.5% per annum. In 2027, the regulator predicts a decrease to the range of 8-10%, and in 2028 - to 7.5-8.5% per annum. The Central Bank assumes that against the backdrop of a tightened monetary policy, inflation will return to the target level of around 4% by 2027. Maintaining a higher rate in the coming years, according to the regulator's assessment, is necessary to consolidate disinflationary trends and stabilize prices. NIA "Nizhny Novgorod" has channels on Telegram and MAX. Subscribe to stay updated on major events, exclusive materials, and operational information. Copyright © 1999-2025 NIA "Nizhny Novgorod". When reprinting, a hyperlink to NIA "Nizhny Novgorod" is mandatory. This resource may contain materials 18+