The Central Bank of Russia cut its key policy rate by 50bps to 15% in its March 2026 decision, aligned with the median estimates by markets to mark a seventh consecutive cut since the rate was at a record high of 21% last year. The Board of Directors noted that gauges of underlying inflation fell more than expected at the start of the year, warranting a continuation in the loosening campaign. The Board also opted for a cut as leading indicators reflected a slower growth in economic activity, while the new VAT implementation by the government is expected to dent consumer spending. Still, the central bank warned that it may not extend the cutting cycle due to proinflationary risks from higher energy prices following the outbreak of war in the Middle East. The war in the Middle East has refrained from tightening financial conditions through higher yields in benchmark bonds, as the surge in oil and gas prices increase government revenues and reduce the outlook for bond issuance. source: Central Bank of Russia

The benchmark interest rate in Russia was last recorded at 15 percent. Interest Rate in Russia averaged 8.38 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 March of 2026.

The benchmark interest rate in Russia was last recorded at 15 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
2025-12-19 10:30 AM Interest Rate Decision 16% 16.5% 16% 16.0%
2026-02-13 10:30 AM Interest Rate Decision 15.5% 16% 16% 16%
2026-03-20 10:30 AM Interest Rate Decision 15% 15.5% 15% 15.0%
2026-04-01 10:30 AM Summary of the Key Rate Discussion
2026-04-24 10:30 AM Interest Rate Decision 15%
2026-05-07 10:30 AM Summary of the Key Rate Discussion


Related Last Previous Unit Reference
Cash Reserve Ratio 8.50 8.50 percent Feb 2026
Central Bank Balance Sheet 72452673.00 71531048.00 RUB Million Jan 2026
Deposit Interest Rate 14.76 15.49 percent Jan 2026
Foreign Exchange Reserves 809308.00 833572.00 USD Million Feb 2026
Interbank Rate 16.20 16.20 percent Feb 2026
Interest Rate 15.00 15.50 percent Mar 2026
Loans to Private Sector 82400000.00 81797000.00 RUB Million Dec 2025
Money Supply M0 18095.00 17854.00 RUB Billion Feb 2026
Money Supply M1 56646.00 54888.00 RUB Billion Feb 2026
M2 Money Supply YoY 131076.50 127866.60 RUB Billion Feb 2026


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
15.00 15.50 21.00 4.25 2003 - 2026 percent Daily

News Stream
Russia Cuts Rate by 50bps as Expected
The Central Bank of Russia cut its key policy rate by 50bps to 15% in its March 2026 decision, aligned with the median estimates by markets to mark a seventh consecutive cut since the rate was at a record high of 21% last year. The Board of Directors noted that gauges of underlying inflation fell more than expected at the start of the year, warranting a continuation in the loosening campaign. The Board also opted for a cut as leading indicators reflected a slower growth in economic activity, while the new VAT implementation by the government is expected to dent consumer spending. Still, the central bank warned that it may not extend the cutting cycle due to proinflationary risks from higher energy prices following the outbreak of war in the Middle East. The war in the Middle East has refrained from tightening financial conditions through higher yields in benchmark bonds, as the surge in oil and gas prices increase government revenues and reduce the outlook for bond issuance.
2026-03-20
Russia Unexpectedly Cuts Interest Rate
The Bank of Russia cut its benchmark interest rate by 50bps to 15.5% in its first meeting of 2026, contrasting with the median market survey of a hold, to address growth concerns in the Russian economy. The CBR cut its rate despite the reacceleration in consumer prices according to the latest data, noting that that recent price pressures were largely due to one-off events and the disinflation process will likely continue throughout the year. The central bank also noted that it did not see evidence of a substantial pass-through of the new VAT measures in large portions of the domestic consumer basket, limiting earlier concerns that higher taxes would be inflationary. Meanwhile, the CBR noted that growth slowed in the fourth quarter and that the labor market tightness is gradually decreasing. Additionally, the elevated real rates, strong ruble, and high OFZ yields in the long end maintained restrictive financial conditions and warranted lower rates.
2026-02-13
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