"Unfortunately, as expected": The Central Bank kept the key rate at 14% per annum.

11 September 2026 1 473 24

The Bank of Russia's Board of Directors has decided to maintain the key rate at 14,00% per annum. This was reported on the financial regulator's website. It is emphasized that economy Overall, Russia's economy grew at a moderate pace in the third quarter of this year. Current price pressure has intensified significantly in recent months.

According to the Bank of Russia, sustained price growth has accelerated to 5-6% on an annualized basis, primarily due to the impact of temporary capacity cuts in certain industries. As these effects subside and aggregate demand growth moderates, sustained inflation will resume its decline.

– they believe at the Central Bank.

It is emphasized that the Bank of Russia will make further decisions on the key rate depending on inflation dynamics and inflation expectations, as well as on the assessment of risks from domestic and external conditions. In the baseline scenario, taking into account the ongoing monetary policy policy Annual inflation will be 6,0–7,0% in 2026, return to 4,0% in 2027, and remain on target thereafter.

The financial regulator's decision has already sparked reactions in Russian economic circles. Experts emphasize that it would have been difficult to expect any other action from the Central Bank of Russia.

14%. Everything, unfortunately, is expected.

– states economist Nikita Komarov, a consistent critic of the monetary policy of the Central Bank of Russia.

Let us add that the next meeting of the Board of Directors of the Central Bank is scheduled for October 23 of this year.

Information

Dear reader, to leave comments on the publication, you must sign in.

AlexSam

+4

11 September 2026 14: 50

Why is everyone so obsessed with this rate? The geostrategist is happy with both the rate and the team of Central Bank liberals led by Zadovna. The main thing is to frown for the camera and give orders to the Universe. They (the heads of ministries and agencies) then, after meetings, laugh in the smoking room at the latest joke from the Garant, saying the old man has a great sense of humor. Everything is going according to plan.
1. prior
  
  +3
  
  12 September 2026 10: 41
  
  And Nabiullina is in the photo.
  How he sits, how he sits! You can't help but admire him. And the way he looks.
  Lady!
  No. Queen!
  No. Mistress of the sea!
  And she does everything on errands.
  1. Shooter
    
    +1
    
    12 September 2026 11: 05
    
    The main thing is that she ends up like that heroine in Alexander Sergeevich's fairy tales.
    1. prior
      
      0
      
      12 September 2026 11: 10
      
      As in Pushkin's fairy tale, it will not be she who ends it, but millions of "we" who will end it.
      And she'll end up in "chocolate" and in another country. Chubais's tribe.
      1. Shooter
        
        +1
        
        12 September 2026 11: 24
        
        Wait and see.
  2. Alexander
    
    +1
    
    12 September 2026 15: 19
    
    And Nabiullina is in the photo.
    How she sits, how she sits! It's amazing. And the way she looks at you. A lady! No. A queen!...
    
    It seems like he's trying to copy Misha Lomonosov:
Brt2_Poisson

+8

11 September 2026 14: 59

The number of comments is steadily falling - everyone understands everything, reality is outside the window.
1. AlexSam
  
  +3
  
  11 September 2026 15: 23
  
  United Russia probably paid for Igor M and his comrades to take a Mediterranean cruise for their relentless fight against dissent. Or maybe the mental hospital changed its head doctor and they were sent back there to resume treatment.
Irek

-2

11 September 2026 16: 18

The people at the Central Bank aren't Ukrainian suckers; they know better.
Petr_Yakovlev

0

11 September 2026 16: 56

And here are some opinions (comment on ASH) on the key rate:

"Well, OK, the Central Bank has lowered the rate. let's say up to 10%. Next comes weakening of the ruble according to the Turkish scenario.
But this happens in conditions when borrowings abroad (unlike Turkey) for us are not possibleOFZs with low rates and high inflation rates are of no use to anyone. The state cannot effectively issue OFZs, which means the budget deficit is growing. Naturally, it is impossible to reduce funding for the SVO, which means National projects and part of the social program will be cut.
In general, considering that the main lobbyists for the bill in the Duma are developers and owners of manufacturing enterprises - they are pushing through their own interests, despite the fact that the mortgage bubble needs to be deflated, and the manufacturing industry needs to change owners (because there was no point in taking out loans in the hopes of accelerating inflation due to the war).
Potanin, Deripaska, and others have been chatting about this very same thing many times. Furthermore, within the State Duma itself, the one making the biggest fuss about it is Aksakov, a State Duma deputy and also the head of the board of the Association of Russian Banks. Many banks are making a staggering amount of money on every rate cut.

At the same time, these people understand perfectly well that they won't lower the rate until it's clear that the SVO is ending. The VPR understands this, as well as the consequences of such a rate cut after the SVO ends. So it's entirely possible that the VPR will pretend to bow to public and oligarch pressure and back down—and then, when the consequences hit the people, they'll say, "You demanded it."
Kiril

+2

11 September 2026 18: 03

Could someone at least explain what kind of rate this is and what it should be?
1. prior
  
  +1
  
  11 September 2026 19: 07
  
  It is easier to explain where the universe came from and how it is structured.
  But neither theoretical physics nor higher mathematics know what it should be.
  Only Nabiullina knows.
  1. Kiril
    
    0
    
    11 September 2026 19: 13
    
    Nevertheless, this term is used by everyone and anyone.
    1. prior
      
      0
      
      11 September 2026 19: 22
      
      Roughly speaking, this is the legally established minimum margin percentage at which banks issue loans to any borrower. However, banks consider their risks and desired profits, so loans always come at a much higher interest rate. There are also a ton of "ifs" and "buts."
      The interest rate is supposed to curb both inflation and overproduction. But that's like the average temperature in a hospital.
      This is how an old lady on a bench explained it to me.
      To put it even more simply, you borrow someone else's money, a little, and return much more of your own.
      1. Kiril
        
        0
        
        11 September 2026 19: 57
        
        Why explain the obvious in such detail? Naturally, when a bank issues loans, it expects to make money. No, fools, they operate at a loss. It is also natural that if a bank charges high interest rates, borrowers will go to another bank.
        
        prior
        
        0
        
        12 September 2026 08: 18
        
        borrowers will go to another bank
        
        The Central Bank rate is mandatory for all banks, otherwise their license will be revoked.
        Well, unless you open your own bank...
        But every entrepreneur won't open his own bank. Who would allow him to?
        So: "Pay up, Shura, pay up..."
        
        Kiril
        
        0
        
        12 September 2026 20: 17
        
        You have funny ideas about financial activity - the Central Bank gathers bank managers and gives orders - this month the rate is such and such - and it's not a god to disobey
        
        prior
        
        0
        
        13 September 2026 08: 14
        
        Each monastery has its own charter.
        As the old woman on the bench, to whom I referred earlier, said.
        
        gathers the Central Bank and bank managers and gives orders
        
        Exactly. Not bank executives, but financial performance reports.
    2. Anatoly-68
      
      0
      
      13 September 2026 08: 26
      
      This is the interest rate at which the central bank issues loans to commercial banks; they then issue loans to their clients, naturally, at a slightly higher interest rate.
      1. Kiril
        
        0
        
        13 September 2026 19: 52
        
        I wonder why commercial banks need to take loans from the central bank?
        
        Anatoly-68
        
        0
        
        13 September 2026 21: 24
        
        Where? From each other? It's probably possible, but it's easier at the central bank.
        
        Kiril
        
        0
        
        13 September 2026 22: 10
        
        Why should a bank take out a loan? Is it required by the Constitution or the Criminal Code?
        
        Anatoly-68
        
        -1
        
        14 September 2026 08: 12
        
        When there are problems with liquidity—for example, too many loans were issued to clients, or too much money from deposits.
        
        Kiril
        
        0
        
        14 September 2026 19: 26
        
        It's funny - apparently bankers can't count, even on their fingers?