The CBR key rate

← FX market
Current key rate
14.00%
held on 23.10.2026
Next meeting
18 December
Friday · in 51 days
Market expectation?
14.06%
Forecast for the meeting: 14.00%
Change over 12 months
−2.50 pp
year-on-year
12-month range
14.00–16.50%
the year's low–high
Cycle phase
Pause
Rate held for 2 meetings in a row
Meetings left
1
until the end of 2026
The CBR rate the market expects by horizon

What key rate banks are pricing in for the next two years.

Currently
14.00%
3 months
14.26%
6 mo
14.45%
1 year
14.44%
2 years
14.45%

The market is pricing in the rate staying near its current level.

Calculated from ROISfix market quotes (NFA) by bootstrapping forward RUONIA rates anchored to the current CBR rate. Not an individual investment recommendation.

Rate history
Meetings and decisions
13.02
Rate 15.50% −0.50 pp core
20.03
Rate 15.00% −0.50 pp
24.04
Rate 14.50% −0.50 pp core
19.06
Rate 14.25% −0.25 pp
24.07
Rate 14.00% −0.25 pp core
11.09
Rate 14.00% 0.00 pp
23.10
Rate 14.00% 0.00 pp core
18.12
Key rate meeting in 51 days forecast: 14.00%
OFZ bonds

Government bond yields follow expectations for the rate.

The OFZ curve →
The rouble

A high rate makes rouble investments more rewarding and supports the currency.

FX market →
Money market

RUONIA and RUSFAR stay close to the key rate.

The swap curve →
How it works

The key rate in plain words: the mechanism and its effects.

Learn →

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