Russia interest rate
Bank of Russia
- Policy rate
- 14.00%
- Sep 22, 2026
- Last move
- −0.25 pt
- Jul 2026
- Inflation
- 6.0%
- Jul 2026
- 10-year bond yield
- –
- not available
The policy rate set by the Bank of Russia is 14.00% as of Sep 22, 2026. Its most recent move: it cut its rate from 14.25% to 14.00% (Jul 2026). The rate is 3.00 percentage points lower than a year earlier. With consumer prices up 6.0% over the 12 months to Jul 2026, the real rate (policy rate minus inflation) is +8.0%: borrowing costs are above inflation.
Policy rate over the past two years
Sep 22, 2026: 14.00%
Rate changes
| When | Decision | From | To | Change |
|---|---|---|---|---|
| Jul 2026 | Cut | 14.25% | 14.00% | −0.25 pt |
| Jun 2026 | Cut | 14.50% | 14.25% | −0.25 pt |
| Apr 2026 | Cut | 15.00% | 14.50% | −0.50 pt |
| Mar 2026 | Cut | 15.50% | 15.00% | −0.50 pt |
| Feb 2026 | Cut | 16.00% | 15.50% | −0.50 pt |
| Dec 2025 | Cut | 16.50% | 16.00% | −0.50 pt |
| Oct 2025 | Cut | 17.00% | 16.50% | −0.50 pt |
| Sep 2025 | Cut | 18.00% | 17.00% | −1.00 pt |
| Jul 2025 | Cut | 20.00% | 18.00% | −2.00 pt |
| Jun 2025 | Cut | 21.00% | 20.00% | −1.00 pt |
| Oct 2024 | Hike | 19.00% | 21.00% | +2.00 pt |
| Sep 2024 | Hike | 18.00% | 19.00% | +1.00 pt |
Changes between month-end rates, plus the latest daily reading. Two decisions in one month show up as a single change.
Inflation (% vs a year earlier)
Jul 2026: 6.0%
Other central banks in Europe
Source: BIS; inflation: IMF CPI. Updated daily. All central bank rates · Russia economy dashboard