Bank of Russia key rate
The Bank of Russia's benchmark interest rate, set by its board.
Analysts polled by the Bank of Russia now expect the key rate to average 12.8% in 2027, up from 12.4%, in a survey published on 14 October 2026; the board decides next on 23 October.
Last refreshed: 18 October 2026
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The Bank of Russia key rate is the central bank's benchmark interest rate, set by the Bank of Russia Board of Directors at scheduled meetings. The level feeds through to what Russian businesses, households and the state pay to borrow.
The Bank of Russia board held the rate at 14% on 11 September 2026 and named motor fuel price rises as an inflation driver. In the bank's survey published on 14 October 2026, analysts priced in a slower descent than before.
A higher rate path matters beyond the banks. It keeps loans expensive for companies and families, and it raises the cost of the state's own borrowing as the budget deficit widens.
Forecasters push the rate path higher
The Bank of Russia's analyst survey, published on 14 October 2026, lifted the expected average key rate for 2027 to 12.8% from 12.4%. The board's next rate decisions fall on 23 October and 18 December, and a slower path down means dearer credit for longer.
The same analysts raised their forecast for this year's inflation, to just over seven per cent, and widened their budget deficit forecast. Their numbers imply no cut before the year ends: the board held the rate in September and named motor fuel price rises as a driver of inflation.
What is Russia's key rate now?
When does the Bank of Russia next decide on the key rate?
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Written with AI from Lowdown's published reporting. Not individually reviewed by an editor. Updated 18 October 2026. Editorial standards.