Bank of Russia’s key rate likely to be closer to 12% by year-end — Kostin

ST. PETERSBURG, June 5. /TASS/. The Bank of Russia’s key interest rate will most likely be closer to 12% by the end of 2026, VTB CEO Andrey Kostin said in an interview with TASS on the sidelines of the St. Petersburg International Economic Forum (SPIEF-2026).

"You see, given the pace at which the Central Bank is currently lowering [the key rate], if one extrapolates that trend through the end of the year, it will most likely be closer to 12% [annually]," Kostin noted. "Provided that no extraordinary events occur in either direction."

According to the Bank of Russia’s medium-term forecast, the key rate in 2026 will average 14-14.5% for the year.

Earlier, State Duma Financial Market Committee Chairman Anatoly Aksakov said in an interview with TASS ahead of the St. Petersburg International Economic Forum that the Bank of Russia could lower the key rate to 10% by the end of 2026.

The 29th St. Petersburg International Economic Forum (SPIEF-2026) is taking place on June 3-6. This year, the event is held under the theme "Pragmatic Dialogue: The Path to a Stable Future." Saudi Arabia is the guest country at SPIEF. The forum program is dedicated to shaping a new model of global development amid the ongoing transformation of the world economy.

The program includes the SME Forum, the Creative Industries Forum, the Day of the Future International Youth Economic Forum, and the Ensuring Drug Security Forum. As part of the cultural program, the Petersburg Seasons festival and the traditional SPIEF Sports Games will take place. This year, Russia’s national economic development institution VEB.RF is the title partner of SPIEF.

The Roscongress Foundation is the organizer of the St. Petersburg International Economic Forum. TASS is its official general information partner.