Moscow, 23 October. The Bank of Russia left its key rate unchanged at 14% a year for the second meeting in a row, in line with Russian analysts' expectations; before that, from June 2025, the regulator had eased monetary conditions at ten consecutive meetings.
The decision came on the same day the National Bank of Kazakhstan cut its base rate from 16.25% to 15.75%. The Bank of Russia's key rate determines the cost of rouble loans and deposits.
What it means: The Russian regulator has paused its rate cuts while Kazakhstan's continued cutting: the gap between the two countries' rates has narrowed.
Who benefits: Russian depositors, who keep their deposit yields; borrowers lose out from the pause.
Background: After the 23 October decisions, the gap between the rates of the National Bank of Kazakhstan and the Bank of Russia is 1.75 percentage points.
List of sources used: Nationalbusiness
Artificial intelligence was used in preparing this material.
