The Central Bank of Russia lowered the rate by 1.5% to 8% - a decrease stronger than forecasted

The Central Bank explained why it cut the rate so sharply: inflation is slowing rapidly. The inflation expectations of the population have fallen to 2021 levels.

At the same time, the economy is feeling better than expected. "The decline in business activity is slower than the Bank of Russia anticipated in June," the Central Bank wrote in a press release.