Story perspectives

Russia Central Bank Holds Key Rate at 14%

By Drooid · Oct 23, 2026, 4:04 PM UTC · How we work

Summary

Story summary

Russia’s Central Bank kept its key rate at 14% on 23 October 2026.
Officials blamed temporary production cuts and war-related energy shocks for price pressure.
Russia reported annual inflation of 6.8% and expects 2026 inflation of 7.1%-7.6%.
Turkey’s Central Bank cut its benchmark rate by 100 bps to 36% on 22 October 2026.
September inflation in Turkey fell to 29.73%, the first sub-30% reading in almost five years.

History

Historical Context

After the Chechen war cost $5.5 billion, President Boris Yeltsin replaced his cabinet in 1998, naming Sergei Kiriyenko, who lifted GKO rates to 150% in June. The IMF approved a $22.6 billion package on 13 July, yet the ruble fell from 6.43 to over 21 per dollar on 17 August, triggering default. The October 2026 decision by the Russian Central Bank to keep rates at 14% echoes that crisis.

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Story summary

Russia’s Central Bank kept its key rate at 14% on 23 October 2026.
Officials blamed temporary production cuts and war-related energy shocks for price pressure.
Russia reported annual inflation of 6.8% and expects 2026 inflation of 7.1%-7.6%.
Turkey’s Central Bank cut its benchmark rate by 100 bps to 36% on 22 October 2026.
September inflation in Turkey fell to 29.73%, the first sub-30% reading in almost five years.

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