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. source: Central Bank of Russia

The benchmark interest rate in Russia was last recorded at 14 percent. Interest Rate in Russia averaged 8.49 percent from 2003 until 2026, reaching an all time high of 21.00 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 September of 2026.

The benchmark interest rate in Russia was last recorded at 14 percent. Interest Rate in Russia is expected to be 14.00 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
2026-06-19 10:30 AM Interest Rate Decision 14.25% 14.5% 14% 14%
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%
2026-09-23 10:30 AM Summary of the Key Rate Discussion
2026-10-23 10:30 AM Interest Rate Decision
2026-11-05 10:30 AM Summary of the Key Rate Discussion


Related Last Previous Unit Reference
Cash Reserve Ratio 8.50 8.50 percent Aug 2026
Central Bank Balance Sheet 68770811.00 67610324.00 RUB Million Jun 2026
Deposit Interest Rate 13.05 13.19 percent Jul 2026
Foreign Exchange Reserves 769022.00 720348.00 USD Million Aug 2026
Interbank Rate 16.20 16.20 percent Aug 2026
Interest Rate 14.00 14.00 percent Sep 2026
Loans to Private Sector 84271000.00 83640000.00 RUB Million May 2026
Money Supply M0 20366.00 19794.00 RUB Billion Jul 2026
Money Supply M1 61391.00 61313.00 RUB Billion Jul 2026
M2 Money Supply YoY 135683.40 134487.20 RUB Billion Jul 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
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
Bank of Russia Delivers Smaller Rate Cut than Expected
The Bank of Russia cut its policy rate by 25bps to 14.25% in its June 2026 decision, contrasting with the median market consensus of a 50bps cut to 14%. The central bank noted that pro-inflationary risks prevailed in the medium term when citing the warrant for restrictive monetary policy. Such pro-inflationary risks are supported by the external backdrop of higher energy prices due to the war in the Middle East, higher energy prices domestically as refineries are targeted by Ukraine, and higher inflation expectations as wage growth outpaces productivity growth. On top of that, the CBR stated that fiscal policy is more accommodative than previously expected, adding to the requirement that monetary conditions must remain restrictive to prevent further inflation. The inflation rate in Russia eased to 5.3% in May, remaining above the CBR target of 4%.
2026-06-19