The lowest refinancing rate, 7.75%, was introduced on June 1, 2010, and remained in effect until February 28, 2011 TASS-FACTBOX. On July 25, 2025, the Bank of Russia’s Board of Directors will hold its fifth meeting of the year to address the key interest rate. TASS has prepared an in-depth report on this benchmark, which has stood at 20% per annum since June 9, 2025. What is the key rate? The key rate is the annual interest rate at which the Bank of Russia lends funds to commercial banks. By