Calendar of meetings of the Central Bank at the key rate for 2026-2027

When the next meeting of the Central Bank at the key rate

The next meeting of the Board of Directors of the Bank of Russia at the key rate will be held on Friday, October 23, 2026. It will be a reference: simultaneously with the decision on the level of the key rate, a medium-term forecast for the development of the Russian economy will be published.

Schedule of meetings of the Central Bank at the key rate in 2026

Calendar of meetings of the Central Bank at the key rate in 2027

Eight meetings are also scheduled for next year, with the first to be held on February 12, 2027.

How many meetings at the key rate is held by the Central Bank

Scheduled meetings of the Board of Directors of the Central Bank at the key rate are held eight times a year. At the end of each meeting, a press release about the key rate is published on the website of the Bank of Russia, and then the Chairman of the Central Bank speaks at a press conference and answers questions from journalists.

What is a central bank meeting

The reference meeting of the Central Bank is a meeting at which the Bank of Russia, together with the decision on the key rate, publishes a medium-term forecast for the development of the Russian economy and, from April 2021, the forecast trajectory of the key rate. Core meetings are held once a quarter (in February, April, July and October).

In turn, the medium-term forecast of the Bank of Russia on the development of the Russian economy consists of a table with the main macroeconomic indicators: inflation, key rate, gross domestic product (GDP) and others. The Bank of Russia, in preparation for the core meetings, conducts a complete revision of the macro forecast. Any of the forecast indicators can be changed - increased or lowered.

What time does the Central Bank announce a decision on the key rate

The usual time of publication of press releases about the change in the key rate is 13:30 MSK. They are published on the official website of the regulator. Press conferences of the Chairman of the Bank of Russia are held on the day of publication of the release most often at 15:00 GMT, but there are exceptions in rare cases.

Since February 2024, the Bank of Russia, approximately a week after the press release, publishes a Summary of the Key Rate Discussion, which reflects the discussion in preparing the decision. After the reference meeting, simultaneously with the summary, the regulator publishes a “Commentary on the medium-term forecast”.

From 13:30 Moscow time on the seventh calendar day preceding the decision on the key rate until 13:30 – the time of publication of the press release – there is a “week of silence”. During this period, any statements or publications by representatives of the Bank of Russia that may affect the expectations of financial market participants on the upcoming decision are prohibited.

Why the schedule of meetings of the Central Bank is important to the investor

The key (base) interest rate is the minimum interest at which the Bank of Russia issues loans to commercial banks and accepts money from them for deposits. In turn, commercial banks themselves issue loans to companies and retail consumers at their own interest, which, as a rule, is higher than the percentage of the Central Bank.

A low rate means that money is cheap. As a result, companies and the population are more actively taking loans, business, and with it the economy is developing. The negative effect of such a policy can be an increase in inflation - money is cheap, so there are a lot of them. And the increase in the key rate of the Central Bank, as a rule, is due to the desire to take control and reduce inflation. However, at the same time, the high rate has negative consequences: the purchasing power of the population and the pace of economic development are sagging.

Decisions of the Central Bank on the level of the key rate affect the stock market and personal finances of Russians. In particular:

Debt market (OFZ, bonds) – with an increase in the key rate in the primary bond market, too, become higher. If the market rates are too high, then companies and other issuers postpone placements so as not to overpay. With a long period of tight monetary policy of the Central Bank, the risks of defaults and delays in the receipt of money from companies with a high debt load increase. When the rate is reduced, issuers begin to place new bond issues more actively. Deposits and loans - with an increase in the rate of the Central Bank, rates on bank deposits and loans also increase, and with a decrease, they decrease. This applies primarily to new loans and deposits and financial instruments with floating rates. For previously issued loans with a fixed rate with a significant reduction in the key rate, loans can be refinanced on more favorable terms. Stocks – With high rates in the economy, most money is focused on bank deposits, money market funds, and bonds. With a decrease in the key rate, money begins to flow to the stock market, which leads to an increase in quotations and the placement of new shares.

When the Central Bank will reduce the key rate

The Bank of Russia does not report further decisions on the rate level, but from April 2021 it publishes the forecast trajectory of the key rate. It is among the indicators in the medium-term forecast for the development of the Russian economy, which is published after each key meeting of the board of directors at the key rate.

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