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.

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Russia Interest Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-03-18 10:30 AM Interest Rate Decision 20% 20% 20% 20%
2022-04-08 08:40 AM Interest Rate Decision 17% 20%
2022-04-29 10:30 AM Interest Rate Decision 14% 17% 15% 15%
2022-05-31 12:00 AM CBR Financial Stability Review
2022-06-10 10:30 AM Interest Rate Decision 14%
2022-06-10 12:00 PM CBR Press Conference


Related Last Previous Unit Reference
Interest Rate 14.00 17.00 percent Apr 2022
Interbank Rate 15.31 15.31 percent May 2022
Money Supply M1 34872.76 37248.35 RUB Billion Mar 2022
Money Supply M0 13834.30 13913.40 RUB Billion Mar 2022
Money Supply M2 68203.50 66659.70 RUB Billion Mar 2022
Foreign Exchange Reserves 593052.00 606409.00 USD Million Apr 2022
Central Bank Balance Sheet 59688863.00 66831247.00 RUB Million Mar 2022
Loans to Private Sector 39702093.00 39528091.00 RUB Million Dec 2021
Deposit Interest Rate 6.37 5.08 percent Feb 2022
Cash Reserve Ratio 2.00 2.00 percent Apr 2022

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
14.00 17.00 20.00 4.25 2003 - 2022 percent Daily

News Stream
Russia Cuts Key Rate to 14%, More than Expected
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.
2022-04-29
Russia Central Bank Cuts Key Rate to 17%
The Central Bank of Russia cut its benchmark interest rate by 300bps to 17% during an unscheduled monetary policy meeting held on April 8th, reflecting a change in the balance of risks of accelerated consumer price growth, decline in economic activity and financial stability risks. External conditions for the Russian economy are still challenging, considerably constraining economic activity. Financial stability risks are still present, but have ceased to increase for the time being, including owing to the adopted capital control measures. Annual inflation will continue to rise due to the base effect. Yet, the latest weekly data point to a noticeable slowdown in the current price growth rates, including owing to the ruble’s exchange rate dynamics. The tightening of monetary conditions already in place is partly offset by the lending support programmes launched by the Government and the Bank of Russia, but it will continue to limit pro-inflationary risks.
2022-04-08
Russia Holds Rates as Expected
The Central Bank of Russia held its benchmark interest rate at 20% as expected during its March 2022 meeting, saying the 115bps hike in February helped sustain financial stability and prevented uncontrolled price rises. Policymakers increased borrowing costs to the highest in almost two years in February amid the broadening fallout of Western sanctions in retaliation against Moscow's invasion of Ukraine. The central bank said the Russian economy is entering the phase of a large-scale structural transformation, which will be accompanied by a temporary but inevitable period of increased inflation, that is expected to return to 4% in 2024.
2022-03-18