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Russia's Central Bank Holds Key Rate at 14% Despite Corporate Calls for Cut
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On September 11, the Russian Central Bank kept its key interest rate unchanged at 14%, resisting pressure from businesses who argue that borrowing for investment is unprofitable at current levels and that the economy will only grow if the rate falls below 12%. The decision comes one week before parliamentary elections, which the Kremlin will closely monitor to gauge public anxiety and fatigue after four and a half years of conflict in Ukraine. The central bank stated that the overall economy grew at a moderate pace in the third quarter of 2026, but noted that current price pressures have risen significantly in recent months. Russia's $2.6 trillion economy slowed sharply last year due to high interest rates, Western sanctions, Ukrainian attacks on economic targets, and a stronger ruble, with growth expected to be only slightly above zero in 2026.
Source report
September 11 — The Russian Central Bank kept its key interest rate unchanged at 14% on Friday, just one week before parliamentary elections. The Kremlin is expected to closely monitor voter turnout and election results as a measure of public anxiety and fatigue following four and a half years of conflict in Ukraine.
In a statement, the central bank said the overall economy grew at a moderate pace in the third quarter of 2026, but noted that current price pressures have risen significantly in recent months.
Russia's $2.6 trillion economy slowed sharply last year, weighed down by:
- High key interest rates
- Western sanctions
- Ukrainian attacks on economic targets
- A stronger ruble
Growth in 2026 is expected to be only slightly above zero.
The central bank faces mounting pressure from businesses, which argue that borrowing for investment is unprofitable at current rates. Business leaders contend that the economy will only grow if the key interest rate falls below 12%.
Source
thsEastern