Press-releases

Bank of Russia cuts the key rate by 50 bp to 16.50% p.a. (24.10.2025)

Fri, 24 Oct 2025 13:30:00 +0300

On 24 October 2025, the Bank of Russia Board of Directors decided to cut the key rate by 50 basis points to 16.50% per annum. Underlying measures of current price growth have not changed significantly and remain above 4% in annualised terms. The economy continues to return to a balanced growth path. Lending growth has accelerated in recent months. Inflation expectations remain high.

The Bank of Russia will maintain monetary conditions as tight as necessary to return inflation to the target. In the baseline scenario, this also implies an average key rate in the range of 13.0–15.0% per annum in 2026 and means a long period of tight monetary policy. Further decisions on the key rate will be made depending on the sustainability of the inflation slowdown and the dynamics of inflation expectations. According to the Bank of Russia’s forecast, given the monetary policy stance, annual inflation will decline to 4.0–5.0% in 2026. The upward revision of the 2026 forecast is associated with one-off proinflationary factors. Underlying inflation will reach 4% in 2026 H2. In 2027 and beyond, annual inflation will stay on target.

In 2025 Q3, the current seasonally adjusted price growth was up to 6.4% in annualised terms after 4.4% in 2025 Q2. The similar indicator of core inflation equalled 4.3% after 4.4% in the previous quarter. Most indicators of underlying inflation are in the range of 4–6% in annualised terms. Annual inflation stood at 8.2% as of 20 October and is expected to be in the range of 6.5–7.0% by the end of 2025.

The current price growth acceleration was substantially affected by one-off factors. They include increased motor fuel prices and a faster-than-usual rise in fruit and vegetable prices in the autumn months. Price dynamics remain uneven across consumer basket components.

Inflation expectations remain elevated. This may impede a sustainable slowdown in inflation.

According to the Bank of Russia, the current inflationary pressures will temporarily increase in late 2025 and early 2026 because of a number of factors, including price adjustments and the reaction of inflation expectations to the upcoming VAT rise. As these factors fade, disinflation will continue. This will be supported by tight monetary conditions.

The upward deviation of the Russian economy from a balanced growth path is narrowing. High-frequency data and survey indicators show a slowdown in overall economic activity growth in 2025 Q3, while the growth rate is still positive. The dynamics of business activity is uneven across industries. A significant cooldown is recorded in export-oriented industries. Domestic demand is backed up by rising household incomes and budget expenditures. Consumer activity growth has sped up somewhat.

The labour market remains tight. Wages rise more slowly than in 2024, but their growth rate is still outpacing the growth in labour productivity. Unemployment is at its record lows. Nevertheless, according to surveys, the share of enterprises experiencing labour shortages shrinks gradually.

Monetary conditions remain tight in general. In August–September, lending and deposit rates continued to adjust to the earlier monetary policy easing. Money and debt market rates have risen since mid-September, reflecting an upward revision of market participants’ expectations for the future key rate path. In real terms, interest rates have not changed notably in recent months. Non-price bank lending conditions are still tight.

Households continue to demonstrate high propensity to save. The retail loan portfolio growth is generally moderate. In 2025 H2, corporate lending has been growing much faster than in 2025 H1. The forecast for growth in claims on the economy this year has been increased to 8–11%.

Proinflationary risks have increased and prevail over disinflationary ones in the mid-term horizon. The key proinflationary risks are associated with a longer upward deviation of the Russian economy from a balanced growth path and high inflation expectations, the effects of the VAT increase, as well as with the deterioration in the terms of external trade. A further decrease in the growth rate of the global economy and oil prices in case of escalating trade disputes may have proinflationary effects through the ruble exchange rate dynamics. Geopolitical tensions remain a significant uncertainty factor. Disinflationary risks involve a more significant slowdown in domestic demand.

The Bank of Russia takes into account the announced parameters of fiscal policy. The disinflationary impact of the 2025 budget will be considerably smaller than previously expected. In the mid-term horizon, fiscal policy will help slow down inflation. Changes in the fiscal policy parameters may require an adjustment in the monetary policy pursued.

Following the Board of Directors’ key rate meeting on 24 October 2025, the Bank of Russia has updated its medium-term forecast.

On 6 November 2025, the Bank of Russia releases the Summary of the Key Rate Discussion and the Commentary on the Medium-term Forecast.

The Bank of Russia Board of Directors holds its next key rate meeting on 19 December 2025. The press release on the Bank of Russia Board decision is to be published at 13.30 Moscow time.

Statement by Bank of Russia Governor Elvira Nabiullina in follow-up to Board of Directors meeting on 24 October 2025

Results of monitoring of credit institutions’ maximum interest rates (23.10.2025)

Thu, 23 Oct 2025 18:35:00 +0300

The October 2025 results of the monitoring of the maximum interest rates on deposits¹ in Russian rubles of the top 10 credit institutions² attracting the largest amount of household deposits are as follows:

The first 10 days of October – 15.46%;

The second 10 days of October – 15.45%.

Data on changes in monitoring results are available on the Bank of Russia website.

Data on average maximum interest rates on deposits by maturity are given for reference.³

¹ The maximum interest rate at a credit institution is measured as follows:

– Maximum interest rates on deposits available to any client (including potential ones) without any limitations and preliminary conditions are taken into account. Deposits for special client categories (pensioners, children) and purposes (social, humanitarian, etc.) are excluded.

– Compound interest rates on deposits are out of scope.

– Interest rates that are effective provided that certain conditions are fulfilled (regular bank card turnover, a permanent minimum balance on a bank card, etc.) are not taken into account.

– Combined deposit products, i.e. deposits with additional conditions, are not considered. Such additional conditions for higher interest accrual may comprise, among other things, purchasing investment units in a certain amount, opening an investment account, concluding an agreement on investment or endowment life insurance, buying an extra service package, etc.

– Deposits with maturities divided into periods with varying interest rates are out of scope.

The average maximum interest rate is calculated as an arithmetic mean of the maximum interest rates of the top 10 credit institutions.

² Sberbank (1481) – www.sberbank.ru, VTB Bank (PJSC) (1000) – www.vtb.ru, Bank GPB (JSC) (354) – www.gazprombank.ru, AO ALFA-BANK (1326) – alfabank.ru, JSC Rosselkhozbank (3349) – www.rshb.ru, Joint Stock Company Bank DOM.RF (2312) – domrfbank.ru, CREDIT BANK OF MOSCOW (1978) – mkb.ru, TBank (2673) – www.tbank.ru, Promsvyazbank PJSC (3251) – psbank.ru, PJSC Sovcombank (963) – sovcombank.ru. The monitoring was conducted by the Department of Banking Regulation and Analytics of the Bank of Russia using the information provided by the said websites. The published values are indicative.

³ Average maximum interest rates on deposits: for up to 90 days – 14.78%; for 91 to 180 days – 14.83%; for 181 days to one year – 14.09%; and for over one year – 12.35%.

Results of monitoring of credit institutions’ maximum interest rates (14.10.2025)

Tue, 14 Oct 2025 18:34:00 +0300

The first 10 days of October– 15.46%.

Data on changes in monitoring results are available on the Bank of Russia website.

Data on average maximum interest rates on deposits by maturity are given for reference.³

¹ The maximum interest rate at a credit institution is measured as follows:

– Compound interest rates on deposits are out of scope.

– Interest rates that are effective provided that certain conditions are fulfilled (regular bank card turnover, a permanent minimum balance on a bank card, etc.) are not taken into account.

– Deposits with maturities divided into periods with varying interest rates are out of scope.

The average maximum interest rate is calculated as an arithmetic mean of the maximum interest rates of the top 10 credit institutions.

² Sberbank (1481) – www.sberbank.ru, VTB Bank (PJSC) (1000) – www.vtb.ru, Bank GPB (JSC) (354) – www.gazprombank.ru, AO ALFA-BANK (1326) – alfabank.ru, JSC Rosselkhozbank (3349) – www.rshb.ru, JSC DOM.RF (2312) – domrfbank.ru, CREDIT BANK OF MOSCOW (1978) – mkb.ru, TBank (2673) – www.tbank.ru, Promsvyazbank PJSC (3251) – psbank.ru, PJSC Sovcombank (963) – sovcombank.ru. The monitoring was conducted by the Department of Banking Regulation and Analytics of the Bank of Russia using the information provided by the said websites. The published value is indicative.

³ Average maximum interest rates on deposits: for up to 90 days – 14.89%; for 91 to 180 days – 14.90%; for 181 days to one year – 14.02%; and for over one year – 12.18%.

Operation of Bank of Russia Payment System on 3 November 2025 (09.10.2025)

Thu, 09 Oct 2025 13:10:39 +0300

On 3 November 2025, the Bank of Russia Payment System will operate according to the schedule below.

Operation schedule of the Bank of Russia Payment System on 3 November 2025

No.	Procedures performed in the course of the day	Start	End
1	Preliminary session of the Bank of Russia Payment System	00.00 Moscow time	01.00 Moscow time
2	Regular session of the Bank of Russia Payment System	01.00 Moscow time	21.00 Moscow time
2.1	Standard period of the regular session of the Bank of Russia Payment System	01.00 Moscow time	20.00 Moscow time
2.2	Settlement period of the regular session of the Bank of Russia Payment System	20.00 Moscow time	21.00 Moscow time
3	Final session of the Bank of Russia Payment System	21.00 Moscow time	No later than 22.00 Moscow time
4	Operation period of the faster payments service	Operation period of the faster payments service established pursuant to the rules of the Bank of Russia Payment System does not change (24/7)

List of systemically important credit institutions approved (07.10.2025)

Tue, 07 Oct 2025 16:58:00 +0300

Pursuant to its Ordinance No. 5778-U, dated 13 April 2021, ‘On the Methodology for Determining Systemically Important Credit Institutions’, the Bank of Russia has approved the list of systemically important credit institutions. They account for nearly 80% of the Russian banking sector’s total assets:

No.	Credit institution	Reg. No.
1	AO UniCredit Bank	1
2	Bank GPB (JSC)	354
3	PJSC Sovcombank	963
4	VTB Bank (PJSC)	1000
5	AO ALFA-BANK	1326
6	Sberbank	1481
7	CREDIT BANK OF MOSCOW	1978
8	Joint Stock Company Bank DOM.RF	2312
9	TBank	2673
10	Bank PSB PJSC	3251
11	AO Raiffeisenbank	3292
12	JSC Rosselkhozbank	3349

Ruslan Bulatov appointed as Director of Information Technology Department (07.10.2025)

Tue, 07 Oct 2025 10:00:00 +0300

By the Order of the Bank of Russia Governor, effective 7 October 2025, Ruslan Bulatov has been appointed as Director of the Information Technology Department.

Previously, he held the position of Deputy Director of the Department of Banking Regulation and Analytics. Mr Bulatov has been working at the Bank of Russia for over five years.

Bank of Russia changes irrevocable credit line parameters (06.10.2025)

Mon, 06 Oct 2025 18:47:00 +0300

Since systemically important credit institutions will be required to comply with the national liquidity coverage ratio (LCR)¹ instead of the Basel III LCR,² from 30 October 2025, the fee for the right to use an irrevocable credit line (ICL)has been set at 1% per annum of the ICL limit included in the national LCR calculation.
The one-year term for ICLs has been cancelled.

Furthermore, the ICL mechanism has been changed. The approach to using an ICL to comply with the ratio has also been revised. Now, it will cover only a small part of the ratio’s volatility (up to 20 pp). The fee for an ICL will be determined based on the number of days when a bank actually used the ICL to comply with the ratio as well as on the ICL amount used.³

The Bank of Russia expects banks’ demand for ICLs to be quite low. The national LCR takes into account the specific features of the Russian financial market, particularly in terms of the composition of highly liquid assets. The ICL mechanism has been revised to provide banks with flexibility in managing their liquidity by mitigating its temporary, short-term fluctuations that are not threatening financial stability. The fee calculation procedure should encourage banks to comply with the ratio using market instruments.

¹ Bank of Russia Regulation No. 864-P, dated 31 July 2025, ‘On the Procedure for Calculating the Liquidity Coverage Ratio by Systemically Important Credit Institutions, on Its Cap, and on the Bank of Russia’s Supervision over Compliance with Them’.

² Bank of Russia Regulation No. 510-P, dated 3 December 2015, ‘On the Procedure for Calculating the Liquidity Coverage Ratio (Basel III) by Systemically Important Credit Institutions’.

³ Bank of Russia Order No. OD-2195, dated 6 October 2025, ‘On Approving the Procedure for Calculating the Limit for an Irrevocable Credit Line and the Procedure for Calculating the Fee for the Right to Use an Irrevocable Credit Line and on Harmonising Certain Bank of Russia Orders’.

Results of monitoring of credit institutions’ maximum interest rates (03.10.2025)

Fri, 03 Oct 2025 16:12:00 +0300

The September 2025 results of the monitoring of the maximum interest rates on deposits¹ in Russian rubles of the top 10 credit institutions² attracting the largest amount of household deposits are as follows:

The first 10 days of September – 15.59%;

The second 10 days of September – 15.56%;

The third 10 days of September – 15.55%.

Data on changes in monitoring results are available on the Bank of Russia website.

Data on average maximum interest rates on deposits by maturity are given for reference.³

¹ The maximum interest rate at a credit institution is measured as follows:

– Compound interest rates on deposits are out of scope.

– Interest rates that are effective provided that certain conditions are fulfilled (regular bank card turnover, a permanent minimum balance on a bank card, etc.) are not taken into account.

– Deposits with maturities divided into periods with varying interest rates are out of scope.

The average maximum interest rate is calculated as an arithmetic mean of the maximum interest rates of the top 10 credit institutions.

² Sberbank (1481) – www.sberbank.ru, VTB Bank (PJSC) (1000) – www.vtb.ru, Bank GPB (JSC) (354) – www.gazprombank.ru, AO ALFA-BANK (1326) – alfabank.ru, JSC Rosselkhozbank (3349) – www.rshb.ru, Joint Stock Company Bank DOM.RF (2312) – domrfbank.ru, CREDIT BANK OF MOSCOW (1978) – mkb.ru, TBank (2673) – www.tbank.ru, Promsvyazbank PJSC (3251) – psbank.ru, PJSC Sovcombank (963) – sovcombank.ru. The monitoring was conducted by the Department of Banking Regulation and Analytics of the Bank of Russia, using the information provided by the said websites. The published values are indicative.

³ Average maximum interest rates on deposits: for up to 90 days – 14.95%; for 91 to 180 days – 14.95%; for 181 days to one year – 14.02%; and for over one year – 12.18%.

Man of labour: new coin (03.10.2025)

Fri, 03 Oct 2025 09:57:21 +0300

On 6 October 2025, the Bank of Russia issues a 10-ruble base metal commemorative coin ‘Agricultural and Processing Worker’ of The Man of Labour series (Catalogue No. 5714-0107).

The coin has a round shape and is 22.0 mm in diameter.

The obverse and the reverse of the coin have a relief rim around the circumference.

The edge of the coin is intermittently corrugated and has alternating sections with different numbers of ridges thereon.

The obverse of the coin features the inscriptions around the circumference: ‘БАНК РОССИИ’ (BANK OF RUSSIA) at the top and ‘2025’ at the bottom. There are images of laurel and oak twigs on the left and right, respectively. The figure ‘10’ and the inscription ‘РУБЛЕЙ’ (RUBLES) below denoting the face value of the coin are in the centre. The figure ‘0’ features a security element inside in the form of the figure ‘10’ and the inscription ‘РУБ’ (RUB) visible at various viewing angles to the coin surface. The Moscow Mint trademark is at the bottom.

The reverse of the coin features a relief image of an agricultural worker among spikes of wheat against the background of an image of a combine operator standing on a step of a combine harvester and the inscription ‘ЧЕЛОВЕК ТРУДА’ (MAN OF LABOUR) on the right around the upper circumference.

The mintage of the coin is 1.0 million pcs.

The new coin is legal tender of the Russian Federation and is mandatory for acceptance for all kinds of payments without any restrictions at its face value.

National Financial Board holds meeting (01.10.2025)

Wed, 01 Oct 2025 15:39:00 +0300

At its meeting on 29 September 2025, the National Financial Board (NFB) considered the drafts of the Monetary Policy Guidelines and the Russian Financial Market Development Programme for 2026–2028.

The participants in the meeting discussed macroprudential regulation and the situation in the consumer lending market.

The NFB approved the Bank of Russia’s accounting regulations. It also discussed the information from the Board of Directors relating to the key areas of the Bank of Russia’s activity in 2025 Q2 and results of the consideration of the NFB’s additional questions to the auditor of the Bank of Russia as part of the audit of the Bank of Russia’s annual financial statements for 2024.

The NFB recognised TSATR – Audit Services Limited Liability Company as conforming to the independence requirements for audit firms to hold a statutory audit of the Bank of Russia’s annual financial statements for 2025 and decided to propose that the said company be the auditor.

The participants in the meeting discussed the prospects of the development of partnership financing in the Russian Federation and the implementation of investment projects based on equity financing.

Rose of Diamond Fund (30.09.2025)

Tue, 30 Sep 2025 10:24:00 +0300

On 1 October 2025, the Bank of Russia issues silver commemorative coins ‘Rose’ of The Diamond Fund of Russia series:

– a 3-ruble coin;

– a 25-ruble coin; and

– a 25-ruble coin with coloured coating.

The Diamond Fund of Russia is a unique collection of valuables of historical and artistic significance, jewellery masterpieces, rare samples of precious stones, and nuggets of noble metals. Its exhibits include the world-famous platinum brooch in the form of a rose decorated with almost 1,500 diamonds.

The 3-ruble silver coin (fine metal content 31.1 g, fineness 925/1,000) and the 25-ruble silver coin (fine metal content 155.5 g, fineness 925/1,000) have a round shape and are 39.0 mm and 60.0 mm in diameter, respectively.

The obverse and the reverse of the coins have a relief rim around the circumference.

The obverse of the coins features a relief image of the National Coat of Arms of the Russian Federation and the inscriptions ‘РОССИЙСКАЯ ФЕДЕРАЦИЯ’ (RUSSIAN FEDERATION), ‘БАНК РОССИИ’ (BANK OF RUSSIA), the denomination of the coins ‘3 РУБЛЯ’ (3 RUBLES), ‘25 РУБЛЕЙ’ (25 RUBLES), the year of issue ‘2025 г.’ (2025), the chemical symbol of the metal according to Mendeleev’s Periodic Table of Elements, fineness, the Saint Petersburg Mint trademark, and fine metal content.

The reverse of:

– the 3-ruble coin (Catalogue No. 5111-0530) and the 25-ruble coin (Catalogue No. 5115-0166) features a relief image of the brooch Rose and the inscription ‘АЛМАЗНЫЙ ФОНД РОССИИ’ (THE DIAMOND FUND OF RUSSIA) on the left around the upper circumference;

– the 25-ruble coin with coloured coating (Catalogue No. 5115-0167) features a relief image of the brooch Rose against the background of a coloured piece of a traditional old Russian ornament, laser treated for matte finishing, and the inscription ‘АЛМАЗНЫЙ ФОНД РОССИИ’ (THE DIAMOND FUND OF RUSSIA) on the left around the upper circumference.

The edge of the coins is corrugated.

The coins are minted in proof quality.

The mintage of:

– the 3-ruble coin is 3,000 pcs;

– the 25-ruble coin is 500 pcs; and

– the 25-ruble coin with coloured coating is 500 pcs.

The new coins are legal tender of the Russian Federation and are mandatory for acceptance for all kinds of payments without any restrictions at their face value.

Gold investment coins (29.09.2025)

Mon, 29 Sep 2025 09:43:53 +0300

On 30 September 2025, the Bank of Russia issues gold investment coins ‘Saint George the Victorious’:

– a 100-ruble coin (Catalogue No. 5217-0048) and

– a 200-ruble coin (Catalogue No. 5219-0033).

The 100-ruble gold investment coin (fine metal content 15.55 g, fineness 999/1,000) and the 200-ruble gold investment coin (fine metal content 31.1 g, fineness 999/1,000) have a round shape and are 30.0 mm and 33.0 mm in diameter, respectively.

The obverse and the reverse of the coins have a relief rim around the circumference.

The obverse of the coins features a relief image of the National Coat of Arms of the Russian Federation and the inscriptions ‘РОССИЙСКАЯ ФЕДЕРАЦИЯ’ (RUSSIAN FEDERATION), ‘БАНК РОССИИ’ (BANK OF RUSSIA), the denomination of the coins ‘100 РУБЛЕЙ’ (100 RUBLES), ‘200 РУБЛЕЙ’ (200 RUBLES), the year of issue ‘2025 г.’ (2025), the chemical symbol of the metal according to Mendeleev’s Periodic Table of Elements, fineness, the mint trademark, and fine metal content.

The reverse of the coins features a relief image of Saint George the Victorious on horseback slaying a dragon with a spear.

The edge of the coins is corrugated.

The coins are minted in uncirculated quality.

The mintage of the coins is up to 100,000 pcs each.

The new coins are legal tender of the Russian Federation and are mandatory for acceptance for all kinds of payments without any restrictions at their face value.

Maintenance on Bank of Russia website (26.09.2025)

Fri, 26 Sep 2025 10:00:00 +0300

On 26 September 2025, the Bank of Russia will carry out maintenance on its website, due to which there may be delays in its operation.

We apologise for any inconvenience.