The Central Bank of Russia raised its benchmark policy rate by 75 bps to 7.5% during its October meeting, the highest since June 2019 and compared to markets forecast of a 50 bps increase. It follows a 25bps interest rate hike in September. Policymakers noted that inflation is developing substantially above the Bank of Russia’s forecast and is expected to be within the range of 7.4–7.9% at the end of 2021. Based on the Bank of Russia’s forecast, given the monetary policy stance, annual inflation will edge down to 4.0–4.5% in 2022 and will remain close to 4% further on. If the situation develops in line with the baseline forecast, the Bank of Russia holds open the prospect of further key rate rises at its upcoming meetings. source: Central Bank of Russia

Interest Rate in Russia averaged 7.13 percent from 2003 until 2021, 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 2021.

Interest Rate in Russia is expected to be 7.75 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 7.00 percent in 2022 and 6.50 percent in 2023, according to our econometric models.

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Russia Interest Rate


Calendar GMT Actual Previous Consensus TEForecast
2021-07-23 10:30 AM Interest Rate Decision 6.5% 5.5% 6.5% 6%
2021-09-10 10:30 AM Interest Rate Decision 6.75% 6.5% 7% 7%
2021-10-22 10:30 AM Interest Rate Decision 7.5% 6.75% 7.25% 7.25%
2021-11-01 12:00 PM Monetary Policy Report
2021-12-17 10:30 AM Interest Rate Decision 7.5% 7.75%
2021-12-17 12:00 PM CBR Press Conference
Go to our Calendar for more events. Or learn more about the Calendar API for direct access.


News Stream
Russia Hikes Key Policy Rate to 7.5%
The Central Bank of Russia raised its benchmark policy rate by 75 bps to 7.5% during its October meeting, the highest since June 2019 and compared to markets forecast of a 50 bps increase. It follows a 25bps interest rate hike in September. Policymakers noted that inflation is developing substantially above the Bank of Russia’s forecast and is expected to be within the range of 7.4–7.9% at the end of 2021. Based on the Bank of Russia’s forecast, given the monetary policy stance, annual inflation will edge down to 4.0–4.5% in 2022 and will remain close to 4% further on. If the situation develops in line with the baseline forecast, the Bank of Russia holds open the prospect of further key rate rises at its upcoming meetings.
2021-10-22
Bank of Russia Hikes Key Interest Rate by 25Bps
The Central Bank of Russia raised its benchmark policy rate by another 25 bps to 6.75 percent, while markets had forecast a wider 50 bps increase, saying the balance of risks for inflation is tilted to the upside and the current monetary policy stance is aimed to limit this risk and return inflation to 4 percent. Policymakers also noted that the Russian economy reached its pre-pandemic level during the second quarter of this year and is returning to a balanced growth path. The central bank said there was still room for further key rate rises at its upcoming meetings, with the latest forecasts suggesting annual inflation will be slowing to 4.0-4.5 percent in 2022 and will remain close to 4 percent further on.
2021-09-10
Bank of Russia Hikes Policy Rate by 100 Bps
The Central Bank of Russia raised its benchmark policy rate by another 100 bps to 6.5 percent during its July meeting, citing high inflation expectations. The balance of risks shifted towards proinflationary and may cause inflation to deviate upwards from the 4 percent target for a longer period. The central bank also noted that the Russian economy has reached its pre-pandemic level in the second quarter of 2021. Policymakers will also consider the necessity of further key rate increase at upcoming meetings. According to the latest central bank's forecasts, annual inflation will reach 5.7-6.2 percent in 2021, before slowing to 4.0-4.5 percent in 2022 and will remain close to 4 percent further on.
2021-07-23

Russia Last Unit Reference Previous Highest Lowest
Interest Rate 7.50 percent Oct/21 6.75 17.00 4.25
Interbank Rate 6.60 percent Oct/21 6.60 227.70 1.40
Money Supply M0 12969.40 RUB Billion Aug/21 12938.70 12969.40 0.10
Money Supply M1 33760.28 RUB Billion Aug/21 33519.19 33760.28 106.31
Money Supply M2 59816.90 RUB Billion Aug/21 59379.70 59816.90 1090.10
Foreign Exchange Reserves 614122.00 USD Million Sep/21 618181.00 618181.00 4532.00
Central Bank Balance Sheet 52232558.00 RUB Million Aug/21 50629321.00 52670235.00 311490.00
Loans to Private Sector 37386584.00 RUB Million Jul/21 36781498.00 37386584.00 4601204.00
Deposit Interest Rate 3.87 percent Aug/21 3.64 101.96 3.21
Cash Reserve Ratio 8.00 percent Jul/21 8.00 10.00 0.50


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.