Business · Economy · 2 hrs ago
Russia's Central Bank Keeps Key Interest Rate at 14%
Russia’s Central Bank kept its key interest rate at 14% on October 23.
The decision affects borrowing costs for businesses and consumers across Russia.
The bank said annual inflation was 6.8% as of October 19, and it raised its forecast for inflation by the end of 2026 to 7.1%–7.6%.
It said underlying price growth remains high, partly because temporary production cuts in some sectors have pushed up costs.
Fuel prices and high inflation expectations are also adding pressure, while government spending and the war against Ukraine are straining public finances.
The bank expects inflation to return to its 4% target in 2027, but says it will set future rates according to inflation and risks.
Its next rate-setting meeting is scheduled for December 18.
Russia’s Central Bank kept its key interest rate at 14% at its October 23 meeting.
The bank said current price pressures and inflation expectations remained high.
Annual inflation was estimated at 6.8% on October 19, with the bank forecasting 7.1% to 7.6% for the year.
The bank expects inflation to return to its 4% target in 2027.
All 23 experts surveyed by TASS had expected the bank to keep the rate at 14%.
- Who
- The Board of Directors of Russia’s Central Bank.
- What
- It kept the key interest rate at 14% per year.
- When
- October 23, 2026.
- Where
- Not stated.
- Why
- The bank cited elevated price pressures and high inflation expectations. It said restrained growth in demand was needed for underlying inflation to resume slowing.
This story does not have two clearly opposing sides.
At its previous meeting, the Central Bank kept the rate at 14% for the first time since June 2025.
The Central Bank kept the key rate at 14%.
The Central Bank plans to publish a summary of the rate discussion and commentary on its medium-term forecast.
The Central Bank’s next meeting to consider the rate level is scheduled.
- Key rate
- 14% per year
- Decision date
- October 23, 2026
- Annual inflation estimate
- 6.8% as of October 19
- Full-year inflation forecast
- 7.1%–7.6%
- Inflation target
- 4% in 2027
5 sources
Russian Central Bank Holds Key Interest Rate Steady
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Банк России сохранил ключевую ставку на уровне 14%
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What people are saying
Underlying price growth has not yet decreased… primarily due to the impact of a temporary reduction in production capacities in certain sectors