Overview
- The policy rate stands at 16.5% today, with the 2025 average estimated at about 19%.
- The central bank expects "some additional" reduction in the key rate next year.
- The neutral range is assessed at 7.5–8.5%, which the bank expects to reach in 2027.
- Forecasts refer to annual averages, with officials noting the year will start from a higher level than the average.
- The guidance was delivered in a plenary address to lawmakers as an official update to the bank's outlook.