The second reason, the economist said, was following the inflation forecast, since in May its rates dropped significantly, and the Central Bank was obliged to revise this forecast. Indeed, at a meeting on June 10, the Bank of Russia lowered its inflation forecast for 2022 to 14–17% (s 18–23%), waiting in 2023 5–7%and by 2024 – a return to 4%.
And, thirdly, the reduction of the key rate, according to Konstantin Selyanin, is due to the need to weaken the ruble.
“The main beneficiary of the weak ruble is the Russian budget, since the budget is in rubles, and regarding half of the budget is formed from exporters’ taxes,” the expert explained. – Budget expenditures have grown very much, firstly, in connection with the special operation, and secondly, in connection with the increase in social benefits. The cost of the last decision before the end of the year – 509 billion rubles, and you have to take this money somewhere. The simplest thing is to weaken the ruble, then it will even be possible to raise payments once more, only it will be possible for people to buy less with them.