The Central Bank of Russia's board of directors has left the key rate unchanged for the second meeting in a row, at 14% per annum.
"The Bank of Russia's Board of Directors has decided to maintain the key rate at 14% per annum. The economy as a whole is growing at a moderate pace in the second half of 2026. Current price pressures remain elevated, and inflation expectations remain high" the statement reads.
A similar decision was made at the previous meeting on September 11.
According to the Bank of Russia's estimates, underlying price growth has not yet decreased and remains in the range of 5%-6% in annualised terms, primarily due to the impact of a temporary reduction in production capacities in certain sectors. This requires aggregate demand to grow moderately for underlying inflation to resume its decline.
The Central Bank will make further decisions on the key rate depending on the dynamics of inflation and inflation expectations, as well as on its assessment of risks from internal and external conditions.
