The Central Bank of Russia cut its benchmark interest rate by 300bps to 14% on April 29th, following a similar move earlier in the month and surprising markets who expected a smaller 200bps reduction. The bank said that with price and financial stability risks no longer on the rise, conditions have allowed for the key rate reduction. Recent weekly data indicate a slowdown in current price growth rates on the back of a strengthening of the ruble and a cooling of consumer activity. Still, the external environment for the Russian economy remains challenging and significantly constrains economic activity. If the situation develops in line with the baseline forecast, the Bank of Russia sees room for key rate reduction in 2022. According to the Bank of Russia’s forecast, given the monetary policy stance, annual inflation will reach 18.0–23.0% in 2022, slowing down to 5.0–7.0% in 2023 and returning to 4% in 2024. source: Central Bank of Russia
Interest Rate in Russia averaged 7.31 percent from 2003 until 2022, reaching an all time high of 20 percent in February of 2022 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 May of 2022.
Interest Rate in Russia is expected to be 14.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Russia Interest Rate is projected to trend around 6.50 percent in 2023, according to our econometric models.