Russia's Central Bank Holds Key Rate at 14%, First Pause in Rate Cuts Since April 2025
On September 11, 2026, the Bank of Russia kept its key rate at 14 percent, the first pause in rate cuts since April 2025.
RUSSIA,ECONOMY
Global N Press
9/11/20261 min read
On September 11, 2026, the Bank of Russia kept its key rate at 14 percent, the first pause in rate cuts since April 2025. The central bank forecast annual inflation of 6 to 7 percent in 2026 and a return to the 4 percent target in 2027. Annual inflation stood at 6.3 percent as of September 7, while underlying price growth accelerated to 5 to 6 percent annualized, mainly due to a temporary reduction in production capacities in certain sectors.
Preliminary data showed the economy grew at a moderate pace in the third quarter of 2026, with investment activity continuing to recover from the start of the year. The central bank said future rate decisions will depend on inflation dynamics and expectations. Analysts said the pause reflects a trade-off between inflation risks from fuel supply disruptions and higher government spending, and the need to sustain economic recovery. The decision came a week before Russia's State Duma elections, with the Kremlin watching turnout and results as a gauge of public anxiety amid the ongoing conflict in Ukraine.
