Russian Central Bank Slashes Key Rate to 14.25%

June 19, 2026 The Russian Central Bank building in Moscow. МТ Russia’s Central Bank lowered its key interest rate from 14.5% to 14.25% on Friday, marking its ninth consecutive cut since beginning a policy of monetary easing after previously hiking borrowing costs to a two-decade high to curb surging inflation. The 25-basis-point cut signaled that policymakers are taking a more cautious approach in easing rates than initially anticipated, as analysts had broadly expected a larger, 50-basis-point cut. Inflation expectations remain high due to the global energy crisis sparked by the war in Iran, as well as Ukrainian drone attacks on Russian oil refineries and supply lines, which have led to a gradual uptick in gasoline prices and shortages in some parts of the country. This is a developing news story. 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 Sberbank Expects 22-23% Key Rate Hike Central Bank Governor Elvira Nabiullina has warned of “more drastic changes” in monetary policy amid stubborn inflation. 1 Min read Russia’s Real Estate Market Rocked by the End of Generous Mortgage Subsidies Russia is now facing a housing affordability crisis which will compound the coming economic slowdown in 2025. 6 Min read Russian Officials ‘Resigned’ to Letting Ruble Fall Past 100 vs Dollar – Bloomberg Some officials expect the low exchange rate will benefit Russia’s state budget amid government plans to increase defense spending. 2 Min read Analysts Raise Inflation Forecasts Due to Russian Budget One of the strongest pro-inflationary factors is a 12% rise in housing and utility tariffs, which could add 0.5 percentage points to inflation in 2025... 2 Min read