Russian Central Bank Holds Key Interest Rate Steady

Oct. 23, 2026 Russian Central Bank Governor Elvira Nabiullina. Arthur Novosiltsev / Moskva News Agency Russia’s Central Bank decided to hold its key interest rate at 14% during its latest meeting on Friday, weighing inflation risks against the need to lower currently high borrowing costs for businesses and consumers as the Kremlin prioritizes spending on the war against Ukraine. The move, which economists and market analysts widely expected, comes as spending on the war continues to strain the Russian government’s finances, while Ukrainian drone and missile attacks on energy infrastructure and commercial warehouses in recent months have raised the cost of some goods and services. This is a breaking news story. Please come back later for updates. Read more about: Central Bank , Economy Sign up for our free weekly newsletter Our weekly newsletter contains a hand-picked selection of news, features, analysis and more from The Moscow Times. You will receive it in your mailbox every Friday. Never miss the latest news from Russia. Preview Subscribers agree to the Privacy Policy We sent a confirmation to your email. Please confirm your subscription. A Message from The Moscow Times: Dear readers, We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent." These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia. We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help. Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact. By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us. Once Monthly Annual Continue Not ready to support today? Remind me later. × Remind me next month Remind me Thank you! Your reminder is set. We will send you one reminder email a month from now. For details on the personal data we collect and how it is used, please see our Privacy Policy. Read more Russia's Financial Flows Surge in January, Indicating Robust Economic Growth – Central Bank All major industry groups witnessed growth, with the most substantial uptick coming in sectors driven by investment demand. 3 Min read Nabiullina vs. Stagflation: Can Putin's Top Technocrat Save the Russian Economy Once Again? The Central Bank head, seen as Putin's most capable technocrat, is facing scrutiny from businesses and Kremlin allies amid stubborn inflation. 6 Min read Russia Faces a Wave of Bankruptcies as Borrowing Costs Skyrocket Corporate bankruptcies in Russia have jumped by 20% this year as soaring interest rates and liquidity shortages push firms closer to financial ruin. 5 Min read Russia’s Central Bank Signals ‘Very Likely’ December Rate Hike “While a rate hike at the next meeting is not predetermined, its probability is very high,” the regulator said in a new summary of last month’s policy... 2 Min read