The Bank of Russia's board of directors decided on Friday, October 23, to keep the key interest rate at 14.00% per annum, the central bank said in its statement after the monetary policy meeting, Reuters reported. The bank said the economy as a whole is growing at a moderate pace in the second half of 2026, but current price pressures remain elevated.

Source: Reuters via TradingView

The central bank cited elevated current price pressure and high inflation expectations, saying underlying price growth remained between 5% and 6% on an annualised basis, TASS reported. Markets had expected the rate to stay at 14%, so attention shifted to the bank's forecasts and guidance. Governor Elvira Nabiullina was due to hold a press conference later on Friday, and the next rate meeting is scheduled for December 18.

Source: TASS via Ad-hoc News

Moscow stocks gave back their morning gains after the decision. The dollar-denominated RTS Index was trading at 939 points at 1:30 p.m. Moscow time, down 4 points or 0.4% from Thursday's close of 943, after opening at 948, TASS reported. Retailer X5 rose 1.1% and gas producer Novatek gained 0.7%, while miner Nornickel fell 0.8% and tech group Yandex eased 0.7%. Oil prices above $112 a barrel had supported Russian shares before the announcement.

The hold extends a long fight against war-driven inflation. The rate had fallen through a series of cuts to 14% in July from a mid-2025 high of 21%. The central bank has said annual inflation is set to be around 6.0% to 7.0% in 2026 before returning to its 4.0% target in 2027. More recently, Ukrainian attacks on Russian oil refineries have reduced gasoline availability and sent fuel prices sharply higher, adding to price pressures from high war spending and worker shortages.

What is solid

  • The Bank of Russia kept its key rate at 14.00% on October 23, 2026, saying price pressures remain elevated (Bank of Russia statement via Reuters).
  • Underlying price growth remained between 5% and 6% annualised, and the RTS Index fell 0.4% to 939 points after the decision (TASS).
  • The next rate meeting is scheduled for December 18, 2026 (RBC via market reports).

What is only claimed

  • How much of the current inflation pressure comes from Ukrainian strikes on refineries versus war spending and labour shortages — the central bank lists several drivers and outside analysts weigh them differently.