The Bank of Russia has decided to lower its key rate from 14.25% to 14% per annum, contrary to analysts’ forecasts that it would remain unchanged. "On July 24, 2026, the Bank of Russia Board of Directors decided to cut the key rate by 25 basis points to 14.00% per annum. The Bank of Russia upgraded its forecast for the average key rate through the end of 2026 from 14-14.5% to 14.5-14.6%. The forecast for the average key rate for 2027 was revised upward from 8-10% to 10.5-12.5%. The Bank of Russia maintained its forecast for mortgage lending growth in Russia in 2026 at 6-10%.