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 as of 27 July 2026. Source: Bank of Russia
Key rate history
| In force from | Rate | Step | Held for |
|---|---|---|---|
| 27 July 2026 | 14% | -0,25% | 9 days to this day |
| 22 June 2026 | 14,25% | -0,25% | 35 days |
| 27 April 2026 | 14,5% | -0,5% | 56 days |
| 23 March 2026 | 15% | -0,5% | 35 days |
| 16 February 2026 | 15,5% | -0,5% | 35 days |
| 22 December 2025 | 16% | -0,5% | 56 days |
| 27 October 2025 | 16,5% | -0,5% | 56 days |
| 15 September 2025 | 17% | -1% | 42 days |
| 28 July 2025 | 18% | -2% | 49 days |
| 9 June 2025 | 20% | -1% | 49 days |
| 28 October 2024 | 21% | +2% | 224 days |
| 16 September 2024 | 19% | +1% | 42 days |
| 29 July 2024 | 18% | +2% | 49 days |
| 18 December 2023 | 16% | +1% | 224 days |
| 30 October 2023 | 15% | +2% | 49 days |
| 18 September 2023 | 13% | +1% | 42 days |
| 15 August 2023 | 12% | +3,5% | 34 days |
| 24 July 2023 | 8,5% | +1% | 22 days |
| 19 September 2022 | 7,5% | -0,5% | 308 days |
| 25 July 2022 | 8% | -1,5% | 56 days |
| 14 June 2022 | 9,5% | -1,5% | 41 days |
| 27 May 2022 | 11% | -3% | 18 days |
| 4 May 2022 | 14% | -3% | 23 days |
| 11 April 2022 | 17% | -3% | 23 days |
| 28 February 2022 | 20% | +10,5% | 42 days |
| 14 February 2022 | 9,5% | +1% | 14 days |
| 20 December 2021 | 8,5% | +1% | 56 days |
| 25 October 2021 | 7,5% | +0,75% | 56 days |
| 13 September 2021 | 6,75% | +0,25% | 42 days |
| 26 July 2021 | 6,5% | +1% | 49 days |
| 15 June 2021 | 5,5% | +0,5% | 41 days |
| 26 April 2021 | 5% | +0,5% | 50 days |
| 22 March 2021 | 4,5% | +0,25% | 35 days |
| 27 July 2020 | 4,25% | -0,25% | 238 days |
| 22 June 2020 | 4,5% | -1% | 35 days |
| 27 April 2020 | 5,5% | -0,5% | 56 days |
| 10 February 2020 | 6% | -0,25% | 77 days |
| 16 December 2019 | 6,25% | -0,25% | 56 days |
| 28 October 2019 | 6,5% | -0,5% | 49 days |
| 9 September 2019 | 7% | -0,25% | 49 days |
| 29 July 2019 | 7,25% | -0,25% | 42 days |
| 17 June 2019 | 7,5% | -0,25% | 42 days |
| 17 December 2018 | 7,75% | +0,25% | 182 days |
| 17 September 2018 | 7,5% | +0,25% | 91 days |
| 26 March 2018 | 7,25% | -0,25% | 175 days |
| 12 February 2018 | 7,5% | -0,25% | 42 days |
| 18 December 2017 | 7,75% | -0,5% | 56 days |
| 30 October 2017 | 8,25% | -0,25% | 49 days |
| 18 September 2017 | 8,5% | -0,5% | 42 days |
| 19 June 2017 | 9% | -0,25% | 91 days |
| 2 May 2017 | 9,25% | -0,5% | 48 days |
| 27 March 2017 | 9,75% | -0,25% | 36 days |
| 19 September 2016 | 10% | -0,5% | 189 days |
| 14 June 2016 | 10,5% | -0,5% | 97 days |
| 3 August 2015 | 11% | -0,5% | 316 days |
| 16 June 2015 | 11,5% | -1% | 48 days |
| 5 May 2015 | 12,5% | -1,5% | 42 days |
| 16 March 2015 | 14% | -1% | 50 days |
| 2 February 2015 | 15% | -2% | 42 days |
| 16 December 2014 | 17% | +6,5% | 48 days |
| 12 December 2014 | 10,5% | +1% | 4 days |
| 5 November 2014 | 9,5% | +1,5% | 37 days |
| 28 July 2014 | 8% | +0,5% | 100 days |
| 28 April 2014 | 7,5% | +0,5% | 91 days |
| 3 March 2014 | 7% | +1,5% | 56 days |
| 17 September 2013 | 5,5% | first value | 167 days |
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.