Bank of Russia key rate
Every change since 17 September 2013, and how the rate enters a calculation.
In force now
14%
since 27 July 2026
- Last step
- -0,25%
- Changes since 2013
- 66
Bank of Russia data, published 27 July 2026. Source: Bank of Russia
How the rate moved
Key rate history
| In force from | Rate | StepStep | Held for |
|---|---|---|---|
| 27 July 202627/07/2026 | 14% | -0,25% | 89 days to this day |
| 22 June 202622/06/2026 | 14,25% | -0,25% | 35 days |
| 27 April 202627/04/2026 | 14,5% | -0,5% | 56 days |
| 23 March 202623/03/2026 | 15% | -0,5% | 35 days |
| 16 February 202616/02/2026 | 15,5% | -0,5% | 35 days |
| 22 December 202522/12/2025 | 16% | -0,5% | 56 days |
| 27 October 202527/10/2025 | 16,5% | -0,5% | 56 days |
| 15 September 202515/09/2025 | 17% | -1% | 42 days |
| 28 July 202528/07/2025 | 18% | -2% | 49 days |
| 9 June 202509/06/2025 | 20% | -1% | 49 days |
| 28 October 202428/10/2024 | 21% | +2% | 224 days |
| 16 September 202416/09/2024 | 19% | +1% | 42 days |
| 29 July 202429/07/2024 | 18% | +2% | 49 days |
| 18 December 202318/12/2023 | 16% | +1% | 224 days |
| 30 October 202330/10/2023 | 15% | +2% | 49 days |
| 18 September 202318/09/2023 | 13% | +1% | 42 days |
| 15 August 202315/08/2023 | 12% | +3,5% | 34 days |
| 24 July 202324/07/2023 | 8,5% | +1% | 22 days |
| 19 September 202219/09/2022 | 7,5% | -0,5% | 308 days |
| 25 July 202225/07/2022 | 8% | -1,5% | 56 days |
| 14 June 202214/06/2022 | 9,5% | -1,5% | 41 days |
| 27 May 202227/05/2022 | 11% | -3% | 18 days |
| 4 May 202204/05/2022 | 14% | -3% | 23 days |
| 11 April 202211/04/2022 | 17% | -3% | 23 days |
| 28 February 202228/02/2022 | 20% | +10,5% | 42 days |
| 14 February 202214/02/2022 | 9,5% | +1% | 14 days |
| 20 December 202120/12/2021 | 8,5% | +1% | 56 days |
| 25 October 202125/10/2021 | 7,5% | +0,75% | 56 days |
| 13 September 202113/09/2021 | 6,75% | +0,25% | 42 days |
| 26 July 202126/07/2021 | 6,5% | +1% | 49 days |
| 15 June 202115/06/2021 | 5,5% | +0,5% | 41 days |
| 26 April 202126/04/2021 | 5% | +0,5% | 50 days |
| 22 March 202122/03/2021 | 4,5% | +0,25% | 35 days |
| 27 July 202027/07/2020 | 4,25% | -0,25% | 238 days |
| 22 June 202022/06/2020 | 4,5% | -1% | 35 days |
| 27 April 202027/04/2020 | 5,5% | -0,5% | 56 days |
| 10 February 202010/02/2020 | 6% | -0,25% | 77 days |
| 16 December 201916/12/2019 | 6,25% | -0,25% | 56 days |
| 28 October 201928/10/2019 | 6,5% | -0,5% | 49 days |
| 9 September 201909/09/2019 | 7% | -0,25% | 49 days |
| 29 July 201929/07/2019 | 7,25% | -0,25% | 42 days |
| 17 June 201917/06/2019 | 7,5% | -0,25% | 42 days |
| 17 December 201817/12/2018 | 7,75% | +0,25% | 182 days |
| 17 September 201817/09/2018 | 7,5% | +0,25% | 91 days |
| 26 March 201826/03/2018 | 7,25% | -0,25% | 175 days |
| 12 February 201812/02/2018 | 7,5% | -0,25% | 42 days |
| 18 December 201718/12/2017 | 7,75% | -0,5% | 56 days |
| 30 October 201730/10/2017 | 8,25% | -0,25% | 49 days |
| 18 September 201718/09/2017 | 8,5% | -0,5% | 42 days |
| 19 June 201719/06/2017 | 9% | -0,25% | 91 days |
| 2 May 201702/05/2017 | 9,25% | -0,5% | 48 days |
| 27 March 201727/03/2017 | 9,75% | -0,25% | 36 days |
| 19 September 201619/09/2016 | 10% | -0,5% | 189 days |
| 14 June 201614/06/2016 | 10,5% | -0,5% | 97 days |
| 3 August 201503/08/2015 | 11% | -0,5% | 316 days |
| 16 June 201516/06/2015 | 11,5% | -1% | 48 days |
| 5 May 201505/05/2015 | 12,5% | -1,5% | 42 days |
| 16 March 201516/03/2015 | 14% | -1% | 50 days |
| 2 February 201502/02/2015 | 15% | -2% | 42 days |
| 16 December 201416/12/2014 | 17% | +6,5% | 48 days |
| 12 December 201412/12/2014 | 10,5% | +1% | 4 days |
| 5 November 201405/11/2014 | 9,5% | +1,5% | 37 days |
| 28 July 201428/07/2014 | 8% | +0,5% | 100 days |
| 28 April 201428/04/2014 | 7,5% | +0,5% | 91 days |
| 3 March 201403/03/2014 | 7% | +1,5% | 56 days |
| 17 September 201317/09/2013 | 5,5% | first value— | 167 days |
Background reading: what the key rate is and how it enters a calculation. It does not affect the figures above.
What the key rate is
The key rate is what the Bank of Russia lends to commercial banks at, and takes their deposits at. It is neither your loan rate nor your deposit rate: banks price their own margin and risk on top of it, so loans always cost more and deposits usually pay less.
The board reviews it on a schedule — eight meetings a year — and out of schedule when the situation calls for it. A new value applies from the day named in the decision until the day of the next change, which is exactly why the rate is a history rather than a number.
The date in the table is the first day the value applied. A calculation spanning such a date splits into stretches: each with its own rate and its own count of days.