The Central Bank of Russia held its benchmark interest rate at 4.25 percent during its September meeting, saying inflation rates have been slightly higher than expectations in recent months due to demand recovery after the lockdown as well as the weakening of the ruble. Still, policymakers warned that disinflationary risks still prevail in the medium run as the pace of return of the global and Russian economies to their potential will slow down. The central bank expects annual inflation to reach 3.7-4.2 percent in 2020, 3.5-4.0 percent in 2021 and to stabilize close to 4 percent later on. Officials also said they will consider the necessity of further key rate reduction at its upcoming meetings.

Interest Rate in Russia averaged 7.23 percent from 2003 until 2020, reaching an all time high of 17 percent in December of 2014 and a record low of 4.25 percent in July of 2020. This page provides the latest reported value for - Russia Interest Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Russia Interest Rate - data, historical chart, forecasts and calendar of releases - was last updated on October of 2020. source: Central Bank of Russia

Interest Rate in Russia is expected to be 4.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Interest Rate in Russia to stand at 4.00 in 12 months time. In the long-term, the Russia Interest Rate is projected to trend around 4.50 percent in 2021 and 5.50 percent in 2022, according to our econometric models.

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Russia Interest Rate

Actual Previous Highest Lowest Dates Unit Frequency
4.25 4.25 17.00 4.25 2003 - 2020 percent Daily


Calendar GMT Actual Previous Consensus TEForecast
2020-04-24 10:30 AM Interest Rate Decision 5.5% 6% 5.5% 5.5%
2020-06-19 10:30 AM Interest Rate Decision 4.5% 5.5% 4.5% 4.5%
2020-07-24 10:30 AM Interest Rate Decision 4.25% 4.5% 4.25% 4.0%
2020-09-18 10:30 AM Interest Rate Decision 4.25% 4.25% 4.25% 4.0%
2020-10-23 10:30 AM Interest Rate Decision 4.25% 4.25% 4.25%
2020-10-23 12:00 PM CBR Press Conference
2020-11-02 12:00 PM Monetary Policy Report
2020-12-18 10:30 AM Interest Rate Decision


News Stream
Russia Holds Rates, Leaves Door Open for More Cuts
The Central Bank of Russia held its benchmark interest rate at 4.25 percent during its September meeting, saying inflation rates have been slightly higher than expectations in recent months due to demand recovery after the lockdown as well as the weakening of the ruble. Still, policymakers warned that disinflationary risks still prevail in the medium run as the pace of return of the global and Russian economies to their potential will slow down. The central bank expects annual inflation to reach 3.7-4.2 percent in 2020, 3.5-4.0 percent in 2021 and to stabilize close to 4 percent later on. Officials also said they will consider the necessity of further key rate reduction at its upcoming meetings.
2020-09-18
Russia Central Bank Cuts Key Rate to 4.25%
The Bank of Russia lowered its benchmark one-week repo rate by another 25 bps to 4.25 percent during its July meeting, saying inflation expectations have stabilized following a decrease in May-June. It was the fourth rate cut this year, aiming to support the economy hit by the coronavirus pandemic. Policymakers believe the recovery will be only gradual and that there is a risk that in 2021 inflation might deviate downwards from the 4 percent target. The central bank also said that annual inflation will probably reach 3.7-4.2 percent in 2020, 3.5-4.0 percent in 2021 and will stand close to 4 percent later on. Officials also said they will consider the necessity of further key rate reduction at its upcoming meetings.
2020-07-24
Russia Cuts Key Rate to 4.5%, Leaves Door Open for More
The Bank of Russia lowered its benchmark one-week repo rate by 100bps to 4.5 percent on June 19th, bringing borrowing costs to a record low and in line with market expectations, aiming at limiting this risk and maintaining inflation close to 4%. Disinflationary factors have been more profound than expected due to a longer duration of restrictive measures in Russia and across the world. Policymakers expect the GDP to decrease by 4-6% in 2020, and recovery growth to continue in 2021-2022. The Bank of Russia will consider the necessity of further key rate reduction at its upcoming meetings.
2020-06-19
Russia Cuts Key Policy Rate to 5.5%
The Bank of Russia lowered its benchmark one-week repo rate by 50bps to 5.5 percent on April 24th, bringing borrowing costs to its lowest since February of 2014 and in line with market expectations. Policymakers said that significant restrictive measures have been introduced to combat the coronavirus pandemic both in Russia and across the world, which negatively influences economic activity. According to the Bank of Russia’s forecast annual inflation will reach 3.8-4.8% in 2020 and will stabilise around 4% later on; and GDP is set to decrease by 4-6% in 2020. If the situation develops in line with the baseline forecast, the Bank of Russia holds open the prospect of further key rate reduction at its upcoming meetings.
2020-04-24

Russia Interest Rate
In Russia, interest rate decisions are taken by the Central Bank of the Russian Federation. From September 16th of 2013, the official interest rate is the one-week auction repo rate. Until September 15th of 2013, the official interest rate was the refinancing rate, which was seen as a ceiling for borrowing money and a benchmark for calculating tax payments.