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 July 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.