Rio de Janeiro: Russia's central bank plans to start rate cuts in 2025, as governor Elvira Nabiullina said Tuesday at the State Duma, or lower house of parliament. Nabiullina detailed that the bank has been implementing a tight monetary policy to address persistent inflation, which has remained high for the fourth consecutive year. According to Anadolu Agency, Nabiullina emphasized that the current monetary policy aims to reduce inflation to between 4% and 4.5% next year, with expectations of stabilizing it at 4% in the future. She mentioned that, barring any unforeseen external shocks, the bank would consider initiating gradual rate reductions next year. Nabiullina also pointed out that Russia's unemployment rate has fallen to 2.4%, with 73% of enterprises reporting a shortage of employees, which is affecting production in conjunction with the high-interest rate environment. She highlighted that maintaining a robust monetary policy could help the Bank of Russia avoid the risk of stagflation by eliminating potential risks. The central bank recently raised its policy rate by 200 basis points to 21% on October 25, marking an all-time high, and signaling the possibility of further rate hikes in the near future.