Russia

Restrictive

Policy rate

14.00%

Last move Jul 2026

Inflation

8.72%

As of null

Real policy rate

5.28%

Policy rate less inflation

Debt to GDP

19.10%

2026 est.

Inflation target4%

Policy rate vs target—

Last move-25 bps cut

Months at current rate—

Real GDP growth1.10%

Next scheduled decisionOct 23, 2026

Policy rate path, latest five years.

The verdict

Russia sets its policy rate at 14.00%, against inflation of 8.72% — a real rate of 5.28% after inflation. The most recent decision was a 25bp cut in Jul 2026. The bank targets 4% inflation, and prices are running above that at 8.72%. On the fiscal side, the economy carries government debt of 19.1% of GDP (2026 est.) and real GDP growth of 1.1%.

Sources: policy rate and cycle history — BIS central bank policy rates (WS_CBPOL); inflation — national statistical agencies; debt and growth — IMF World Economic Outlook. Methodology: https://www.globalfinancialinfo.info/methodology/policy-rates · Dataset: https://www.globalfinancialinfo.info/global-economy · Free to print and share for non-commercial classroom use (CC BY-NC-ND 4.0).

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