The Bank of Russia kept its key interest rate unchanged at 14% in October, in line with market expectations, as inflationary pressures and elevated expectations continued to hinder disinflation. Ukrainian strikes on Russian energy infrastructure disrupted refinery operations, pushed crude-processing rates to multi-year lows and contributed to fuel shortages, raising gasoline prices and transportation costs across the economy. Inflation accelerated to an annualized 8% in Q3, from 4.8% in Q2, while core inflation rose to 6.2% from 4.5%. Annual inflation stood at an estimated 6.8% as of October 19 and is expected to reach 7.1–7.6% by year-end, above the central bank’s earlier forecast. The central bank said capacity constraints, strong wage growth and persistent inflation expectations pose significant risks, with proinflationary factors outweighing disinflationary ones. It expects inflation to return to its 4% target in 2027, projecting an average key rate of 12.5–13.5% that year. source: Central Bank of Russia

The benchmark interest rate in Russia was last recorded at 14 percent. Interest Rate in Russia averaged 8.51 percent from 2003 until 2026, reaching an all time high of 21 percent in October of 2024 and a record low of 4.25 percent in July of 2020. This page provides the latest reported value for - Russia Interest Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Russia Interest Rate - data, historical chart, forecasts and calendar of releases - was last updated on October of 2026.

The benchmark interest rate in Russia was last recorded at 14 percent. Interest Rate in Russia is expected to be 13.75 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Russia Interest Rate is projected to trend around 11.75 percent in 2027 and 10.00 percent in 2028, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2026-07-24 10:30 AM Interest Rate Decision 14% 14.25% 14% 14.0%
2026-09-11 10:30 AM Interest Rate Decision 14% 14% 14% 14.0%
2026-10-23 10:30 AM Interest Rate Decision 14% 14% 14% 14.0%
2026-11-05 10:30 AM Summary of the Key Rate Discussion
2026-12-18 10:30 AM Interest Rate Decision
2026-12-30 10:30 AM Summary of the Key Rate Discussion


Related Last Previous Unit Reference
Cash Reserve Ratio 8.50 8.50 percent Sep 2026
Central Bank Balance Sheet 77080203.00 70042189.00 RUB Million Aug 2026
Deposit Interest Rate 13.08 13.05 percent Aug 2026
Foreign Exchange Reserves 731760.00 769022.00 USD Million Sep 2026
Interbank Rate 16.20 16.20 percent Sep 2026
Interest Rate 14.00 14.00 percent Oct 2026
Loans to Private Sector 87017000.00 85154000.00 RUB Million Jul 2026
Money Supply M0 20745.00 20366.00 RUB Billion Aug 2026
Money Supply M1 62647.00 61397.00 RUB Billion Aug 2026
M2 Money Supply YoY 137073.50 135683.40 RUB Billion Aug 2026


Russia Interest Rate
In Russia, interest rate decisions are taken by the Central Bank of the Russian Federation. From September 16th of 2013, the official interest rate is the one-week auction repo rate. Until September 15th of 2013, the official interest rate was the refinancing rate, which was seen as a ceiling for borrowing money and a benchmark for calculating tax payments.
Actual Previous Highest Lowest Dates Unit Frequency
14.00 14.00 21.00 4.25 2003 - 2026 percent Daily

News Stream
Russia Holds Interest Rate as Expected
The Bank of Russia kept its key interest rate unchanged at 14% in October, in line with market expectations, as inflationary pressures and elevated expectations continued to hinder disinflation. Ukrainian strikes on Russian energy infrastructure disrupted refinery operations, pushed crude-processing rates to multi-year lows and contributed to fuel shortages, raising gasoline prices and transportation costs across the economy. Inflation accelerated to an annualized 8% in Q3, from 4.8% in Q2, while core inflation rose to 6.2% from 4.5%. Annual inflation stood at an estimated 6.8% as of October 19 and is expected to reach 7.1–7.6% by year-end, above the central bank’s earlier forecast. The central bank said capacity constraints, strong wage growth and persistent inflation expectations pose significant risks, with proinflationary factors outweighing disinflationary ones. It expects inflation to return to its 4% target in 2027, projecting an average key rate of 12.5–13.5% that year.
2026-10-23
Bank of Russia Pauses Cutting Cycle
The Bank of Russia maintained its policy rate unchanged at 14% at its September 2026 decision, aligned with market expectations, after ten consecutive interest rate cuts since departing from the record-high rate of 21% in May of last year. The hold was warranted as the central bank stated that underlying inflation has surged in the third quarter, but cited the increase as the result of one-off, exogenous factors, noting that disinflation is due to resume. The latest data indicated that seasonally adjusted price growth was at an annualized 11.6%, as hampered refining capacity due to Ukrainian attacks triggered a surge in energy prices. In turn, the bank note that consumption is slowing at a moderate pace despite remaining elevated. Meanwhile, the labor market remained tight and unemployment has held near record lows, with working-aged men migrating outwards to escape military conscription of the war in Ukraine.
2026-09-11
Bank of Russia Cuts Interest Rate
The Bank of Russia cut its policy rate by 25bps to 14.0% in its July 2026 decision, to extend its cutting cycle since the rate was at a record high of 21% up to June of last year. The central bank noted that monetary conditions remained moderately tight despite the elevated level of real rates. The economy grew only at a moderate pace so far in 2026 as robust consumer demand was offset by declining capacity in key sectors, partially due to fuel shortages as Ukrainian forces struck major refineries across Russia. Consequently, the latest data showed the first annual contraction in the GDP in three years in Q1. Meanwhile, the CBR noted that underlying inflation was steady at levels close to the 4% mark. The surge in fuel costs were deemed temporary and one-off by the CBR, although policymakers remained attentive to growing inflation expectations due to the growing budget deficit by the government.
2026-07-24