Bank of Russia holds its key rate at 14 percent

23 October 2026

The Board of Directors of the Bank of Russia decided to leave the country's key rate unchanged at 14.00% a year. Governor Elvira Nabiullina announced the decision after the meeting and said underlying price growth had not yet come down. The central bank now expects inflation of 7.1-7.6% for 2026, higher than the figure it had put out in July. Its baseline view has the key rate averaging 12.5-13.5% through 2027, with inflation easing back to 4.0% that year. The key rate is the Bank of Russia's main policy instrument, and it is set only by the Board of Directors. The next rate meeting is scheduled for 18 December 2026.