The Central Bank of Russia cut its key interest rate by 150bps to 9.5% during its June 2022 meeting, bringing borrowing costs back to levels prior to the Ukraine invasion, and compared to market forecasts of a 100bps drop. It follows a 300bps cut during an extraordinary meeting two weeks earlier and the central bank said it will consider the need of further loosening in the next meetings as inflation is slowing faster and the decline in economic activity is of a smaller magnitude than initially expected in April. At the same time, the ruble remains strong, holding close to levels not seen in seven years. Annual inflation is now seen at 14%–17% in 2022, and is expected to decline to 5%-7% in 2023 and return to 4% in 2024. The key rate is expected to average 10.8%-11.4% in 2022, 7%–9% in 2023 and 6%–7% in 2024. source: Central Bank of Russia

Interest Rate in Russia averaged 7.33 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 June of 2022.

Interest Rate in Russia is expected to be 9.50 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 6.00 percent in 2023 and 5.00 percent in 2024, according to our econometric models.

Ok
Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices.

The Trading Economics Application Programming Interface (API) provides direct access to our data. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds.

Please Paste this Code in your Website
width
height
Russia Interest Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-04-29 10:30 AM Interest Rate Decision 14% 17% 15% 15%
2022-05-26 07:30 AM Interest Rate Decision 11% 14% 12%
2022-06-10 10:30 AM Interest Rate Decision 9.5% 11% 10% 9%
2022-07-22 10:30 AM Interest Rate Decision 9.5% 9%
2022-07-22 12:00 PM CBR Press Conference
2022-08-01 12:00 PM Monetary Policy Report


Related Last Previous Unit Reference
Interest Rate 9.50 11.00 percent Jun 2022
Interbank Rate 15.31 15.31 percent Jun 2022
Money Supply M1 34269.40 34872.76 RUB Billion Apr 2022
Money Supply M0 13518.40 13834.30 RUB Billion Apr 2022
Money Supply M2 68475.30 68203.50 RUB Billion Apr 2022
Foreign Exchange Reserves 587423.00 593052.00 USD Million May 2022
Central Bank Balance Sheet 51091398.00 59688863.00 RUB Million Apr 2022
Loans to Private Sector 39702093.00 39528091.00 RUB Million Dec 2021
Deposit Interest Rate 14.03 18.79 percent Apr 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
9.50 11.00 20.00 4.25 2003 - 2022 percent Daily

News Stream
Russia Lowers Key Rate By Bigger-than-Expected 150bps
The Central Bank of Russia cut its key interest rate by 150bps to 9.5% during its June 2022 meeting, bringing borrowing costs back to levels prior to the Ukraine invasion, and compared to market forecasts of a 100bps drop. It follows a 300bps cut during an extraordinary meeting two weeks earlier and the central bank said it will consider the need of further loosening in the next meetings as inflation is slowing faster and the decline in economic activity is of a smaller magnitude than initially expected in April. At the same time, the ruble remains strong, holding close to levels not seen in seven years. Annual inflation is now seen at 14%–17% in 2022, and is expected to decline to 5%-7% in 2023 and return to 4% in 2024. The key rate is expected to average 10.8%-11.4% in 2022, 7%–9% in 2023 and 6%–7% in 2024.
2022-06-10
Russia Central Bank Cuts Key Rate by 300bps to 11%
The Central Bank of Russia slashed its benchmark interest rate by 300bps to 11% during an extraordinary monetary policy meeting held on May 26th, following a cumulative 600bps cut in April. The latest weekly data point to a significant slowdown in the current price growth rates. Inflationary pressure eases on the back of the ruble exchange rate dynamics as well as the noticeable decline in inflation expectations of households and businesses. In April annual inflation reached 17.8%, however, based on the estimate as of 20 May, it slowed down to 17.5%, decreasing faster than in the Bank of Russia’s April forecast. According to the Bank of Russia’s forecast, given the monetary policy stance, annual inflation will decrease to 5.0–7.0% in 2023 and return to 4% in 2024.
2022-05-26
Russia Central Bank Set to Cut Rates on Thursday
The Central Bank of Russia announced an extraordinary rate-setting meeting on Thursday, more than two weeks earlier than the scheduled meeting on June 10th, with markets expecting another sharp cut in rates to curb the Ruble’s rally. In April, the central bank cut rates by a cumulative 600bps to 14% as inflation decreased since an emergency rate hike to 20% in the days after Russia’s February 24 invasion of Ukraine. The bank reported that inflation expectations over the next twelve months decreased to 11.5% in May, a level not seen in a year. The Russian ruble, the best-performing currency in 2022, hit a 7-year high this week and is currently trading around a 4-year high, making the country’s exports more expensive overseas which could become a problem for the budget.
2022-05-25