The Bank of Russia cut its benchmark interest rate by 50bps to 16% on December 19, 2025, in line with market expectations, reflecting progress in disinflation amid a gradual return of the economy to a more balanced growth path. Recent data show a slowdown in current and underlying price growth, with seasonally adjusted inflation easing notably in October–November, while annual inflation is expected to fall below 6% by year-end. However, inflation expectations have edged higher and remain a key concern, alongside still-robust lending activity and uneven price dynamics driven by volatile items such as fuel and food. The central bank stressed that monetary policy will remain tight for a prolonged period to ensure inflation returns sustainably to target. Inflation is forecast to decline to 4–5% in 2026, with underlying inflation reaching 4% in H2. Economic growth continues at a moderate but uneven pace, supported by domestic demand, while labour market tightness is easing only gradually. source: Central Bank of Russia

The benchmark interest rate in Russia was last recorded at 16 percent. Interest Rate in Russia averaged 8.33 percent from 2003 until 2026, reaching an all time high of 21.00 percent in October of 2024 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 February of 2026.

The benchmark interest rate in Russia was last recorded at 16 percent. Interest Rate in Russia is expected to be 16.00 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 14.00 percent in 2027 and 10.00 percent in 2028, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2025-09-12 10:30 AM Interest Rate Decision 17% 18% 16% 16.0%
2025-10-24 10:30 AM Interest Rate Decision 16.5% 17% 17% 16%
2025-12-19 10:30 AM Interest Rate Decision 16% 16.5% 16% 16.0%
2026-02-13 10:30 AM Interest Rate Decision 16% 16% 16%
2026-02-26 10:30 AM Summary of the Key Rate Discussion
2026-03-20 10:30 AM Interest Rate Decision


Related Last Previous Unit Reference
Cash Reserve Ratio 8.50 8.50 percent Jan 2026
Central Bank Balance Sheet 71531048.00 70385568.00 RUB Million Nov 2025
Deposit Interest Rate 15.49 15.40 percent Dec 2025
Foreign Exchange Reserves 833572.00 754853.00 USD Million Jan 2026
Interbank Rate 16.20 16.20 percent Dec 2025
Interest Rate 16.00 16.00 percent Jan 2026
Loans to Private Sector 80488000.00 78666000.00 RUB Million Oct 2025
Money Supply M0 18234.00 17488.00 RUB Billion Dec 2025
Money Supply M1 55914.00 53928.00 RUB Billion Dec 2025
M2 Money Supply YoY 129628.70 124721.60 RUB Billion Dec 2025


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.
Actual Previous Highest Lowest Dates Unit Frequency
16.00 16.00 21.00 4.25 2003 - 2026 percent Daily

News Stream
Russia Cuts Interest Rate to 16%
The Bank of Russia cut its benchmark interest rate by 50bps to 16% on December 19, 2025, in line with market expectations, reflecting progress in disinflation amid a gradual return of the economy to a more balanced growth path. Recent data show a slowdown in current and underlying price growth, with seasonally adjusted inflation easing notably in October–November, while annual inflation is expected to fall below 6% by year-end. However, inflation expectations have edged higher and remain a key concern, alongside still-robust lending activity and uneven price dynamics driven by volatile items such as fuel and food. The central bank stressed that monetary policy will remain tight for a prolonged period to ensure inflation returns sustainably to target. Inflation is forecast to decline to 4–5% in 2026, with underlying inflation reaching 4% in H2. Economic growth continues at a moderate but uneven pace, supported by domestic demand, while labour market tightness is easing only gradually.
2025-12-19
Russia Unexpectedly Cuts Interest Rate
The Bank of Russia cut its benchmark interest rate by 50bps to 16.5% on October 24th, the 4th consecutive rate cut, and contrasting with market expectations of a hold. Despite the cut, the central bank reiterated that monetary conditions are expected to remain restrictive in the medium term due to persistent upside risks to inflation. Still, consumer inflation expectations remain elevated amid high food prices and a rise in gasoline prices due to Ukrainian attacks on refineries. The CBR noted that this is likely to be magnified by price increases due to higher VAT levels that the Federal government signaled in next year's budget, necessary to trim its widening deficit to finance the invasion of Ukraine. The bank forecasts inflation to remain at above the 4% target until the end of next year, signaling that the key rate is expected to range between 13% and 15% in the period. While the CBR noted that growth remains resilient, the IMF forecasted the GDP to only expand 0.6% this year.
2025-10-24
Russia to Weigh Gasoline Price Surge in Rate Cut Decisions
Russia’s central bank will consider the recent surge in gasoline prices and its effect on inflation expectations when deciding on possible rate cuts, Governor Elvira Nabiullina said Thursday. Gasoline prices, which have risen 10.2% since the start of the year—outpacing general inflation—were partly driven by increased Ukrainian attacks on Russian refineries. Nabiullina noted gasoline is one of the “marker” goods influencing inflation expectations, a key factor in policy decisions. “The rise in gasoline prices could slow down the decrease in inflation expectations. Unfortunately, they remain at an elevated level for now,” she said. While describing the price spike as a “one-off” event unlikely to have lasting inflationary effects, Nabiullina added that the central bank still has room to cut rates further this year. The next policy meeting is set for October 24.
2025-10-09