The Bank of Russia revealed that policymakers discussed the option of holding interest rates unchanged at their latest meeting, signaling caution after cutting rates from a peak of 21% in late 2024. On June 19, 2026, the CBR cut its key rate from 14.5% to 14.25%, a move more modest than many market participants had hoped for. Inflation in May 2026 came in at around 5.3%, with persistent inflationary pressures tied to military spending and sanctions-driven supply constraints. President Putin publicly signaled support for rate reductions, but the CBR is prioritizing its inflation mandate over political convenience. The absence of any digital asset discussion in the latest deliberations suggests the central bank sees no immediate need for new crypto-related regulatory surprises.
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