Monetary policy
MONETARY
State
RestrictiveConfidence: High
- Level
- Restrictive
- Momentum
- Barely moving
- Reference period
- September 2026
- Computed
- Oct 31, 2026, 03:30 PM MSK
Monetary conditions are restrictive, barely moving. Confidence: high.
What this rests on
as of September 2026| Indicator | Role | Value | Read as |
|---|---|---|---|
| Real key rate versus current inflation | Primary | 7.62% | Restrictive · down |
| OFZ yield, 2 years | Confirming | 14.61% | curve is close to flat · up |
| Bank of Russia key rate | Context | 14.00% | the instrument, not the conditions themselves · flat |
Block indicators
latest value and its change on the previous readingBank of Russia key rate · primary
Oct 30, 2026
14.00% p.a.
0.00 pp
Real key rate versus current inflation · primary
September 2026 · calculated
7.62% p.a.
+1.46 pp
Real key rate, ex ante · primary
October 2026 · calculated
0.78% p.a.
+0.94 pp
RUONIA overnight rate · primary
Oct 28, 2026
14.09% p.a.
+0.05 pp