Russia Interest Rate  2003-2018 | Data | Chart | Calendar | Forecast

The Bank of Russia lowered its benchmark one-week repo rate by 25bps to 7.25 percent on March 23rd, marking the fifth consecutive cut, as inflation remains sustainably low. The bank also said it will continue to reduce the key rate, in order to complete the transition to neutral monetary policy this year, as annual inflation is expected to be 3-4 percent in late 2018 and to remain close to 4 percent in 2019. February's inflation stood at a record low of 2.2 percent, way below the central bank's 4 percent target. Interest Rate in Russia averaged 7.31 percent from 2003 until 2018, reaching an all time high of 17 percent in December of 2014 and a record low of 5 percent in June of 2010.

Russia Interest Rate
width
height
Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices.

The Trading Economics Application Programming Interface (API) provides direct access to our data. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds.




Russia Cuts Key Policy Rate to 7.25%


The Bank of Russia lowered its benchmark one-week repo rate by 25bps to 7.25 percent on March 23rd, marking the fifth consecutive cut, as inflation remains sustainably low. The bank also said it will continue to reduce the key rate, in order to complete the transition to neutral monetary policy this year, as annual inflation is expected to be 3-4 percent in late 2018 and to remain close to 4 percent in 2019.

Information Notice of Bank of Russia:

Annual inflation remains sustainably low. In February 2018 it stood at 2.2%. Inflation remains below 4% longer than expected, allowing for a quicker transition to neutral monetary policy this year. Factors, previously seen as mostly temporary, are becoming more persistent under the influence of the following structural changes. First, investments in agriculture and an increase in its production capacity reduce harvest’s dependence on weather conditions and have a restraining influence on food price growth. Second, the implementation of the budget rule lowers the sensitivity of domestic economic conditions, including exchange rate and inflation dynamics, to changes in oil prices. These developments make the stabilisation of inflation at low levels more sustainable and reduce the risks of significant fluctuations. Current consumer price dynamics favour a decrease in inflation expectations of households and businesses, further contributing to keeping inflation at bay. However, households’ inflation expectations are still way above the inflation target, still sensitive to the possible increase in prices for certain goods, including food products.

The slowdown of annual inflation may continue in the first half of 2018. This partially results from last year’s high base effect of food inflation. Inflation will begin to gradually return to the target in the second half of the year, supported by further recovery of domestic demand. The Bank of Russia forecasts annual inflation to be 3-4% in 2018 and close to 4% in 2019.

Economic growth resumed in early 2018, following the decline due to temporary headwinds in late 2017. In January — February, the annual industrial production growth returned to the positive territory. The period also saw a continued growth in investment. The recovery in consumer demand is supported by rising real wages and expanding retail lending. The Bank of Russia’s general perceptions of the Russian economy’s growth have remained unchanged. The Bank of Russia has slightly raised the oil price in its baseline scenario. However, it has not entailed any significant review of the Russian economy’s growth rate in the medium term due to its decreased sensitivity to oil price changes and remaining structural constraints. In 2018-2020, GDP will grow by 1.5-2%, which corresponds to the potential growth rate of the economy.

The Bank of Russia’s assessment of inflation risks has not changed significantly, save for the risks posed by the labour market. The dynamics of wages and unemployment create prerequisites for potentially higher inflationary pressure. At the moment, the assessment of the duration and scale of effect of these drivers remains unclear. The Bank of Russia will pay particular attention to the situation in the labour market, including the impact of the dynamics of incomes and wages on consumer behaviour and inflation.


Central Bank of the Russian Federation | Joana Ferreira | joana.ferreira@tradingeconomics.com
3/23/2018 10:47:59 AM



Calendar GMT Actual Previous Consensus TEForecast
2017-12-15 10:30 AM Interest Rate Decision 7.75% 8.25% 8% 8%
2018-02-09 10:30 AM Interest Rate Decision 7.5% 7.75% 7.5% 7.5%
2018-03-23 10:30 AM Interest Rate Decision 7.25% 7.5% 7.25% 7.25%
2018-04-27 10:30 AM Interest Rate Decision 7.25% 7% 7%
2018-06-15 10:30 AM Interest Rate Decision 6.75%
2018-06-15 12:00 PM Monetary Policy Report


Russia Money Last Previous Highest Lowest Unit
Interest Rate 7.25 7.50 17.00 5.00 percent [+]
Interbank Rate 7.07 7.20 45.30 4.20 percent [+]
Money Supply M0 8301.00 8163.60 8446.00 0.10 RUB Billion [+]
Money Supply M1 19248.94 18864.03 19508.70 106.31 RUB Billion [+]
Money Supply M2 42045.60 41598.00 42440.50 1090.10 RUB Billion [+]
Foreign Exchange Reserves 457995.00 453644.00 596566.00 4532.00 USD Million [+]
Central Bank Balance Sheet 2232.90 2068.00 2878.40 8.90 RUB Billion [+]
Loans to Private Sector 24708082.00 24631886.00 24708082.00 4601204.00 RUB Million [+]
Deposit Interest Rate 7.01 9.19 101.96 3.79 percent [+]
Cash Reserve Ratio 7.00 7.00 10.00 0.50 percent [+]


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. 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 - actual data, historical chart and calendar of releases - was last updated on April of 2018.

Actual Previous Highest Lowest Dates Unit Frequency
7.25 7.50 17.00 5.00 2003 - 2018 percent Daily




interest rate by Country
Country Last
Turkey 8.00 Mar/18
Mexico 7.50 Apr/18
Russia 7.25 Mar/18
Brazil 6.50 Mar/18
India 6.00 Apr/18
China 4.35 Mar/18
Indonesia 4.25 Apr/18
United States 1.75 Mar/18
Australia 1.50 Apr/18
South Korea 1.50 Apr/18
Canada 1.25 Apr/18
United Kingdom 0.50 Mar/18
Euro Area 0.00 Mar/18
France 0.00 Mar/18
Germany 0.00 Mar/18
Italy 0.00 Mar/18
Netherlands 0.00 Mar/18
Spain 0.00 Mar/18
Japan -0.10 Mar/18
Switzerland -0.75 Mar/18


Related

Latest