The Bank of Russia held its benchmark interest rate at 4.25 percent during its February 2021 meeting, as widely expected, saying inflation expectations of households and businesses remained elevated. Policymakers also noted that demand was recovering faster and more sustainably than expected, while supply-side restrictions were still in place and continued to exert upward pressure on prices. The central bank raised its 2021 inflation forecast to 3.7-4.2 percent, and announced it would determine the timeline and pace of a return to neutral monetary policy in the near future. source: Central Bank of Russia

Interest Rate in Russia averaged 7.17 percent from 2003 until 2021, reaching an all time high of 17 percent in December of 2014 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 2021.

Interest Rate in Russia is expected to be 4.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Interest Rate in Russia to stand at 5.00 in 12 months time. In the long-term, the Russia Interest Rate is projected to trend around 5.00 percent in 2022, according to our econometric models.

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Russia Interest Rate

Actual Previous Highest Lowest Dates Unit Frequency
4.25 4.25 17.00 4.25 2003 - 2021 percent Daily


Calendar GMT Actual Previous Consensus TEForecast
2020-09-18 10:30 AM Interest Rate Decision 4.25% 4.25% 4.25% 4.0%
2020-10-23 10:30 AM Interest Rate Decision 4.25% 4.25% 4.25% 4.25%
2020-12-18 10:30 AM Interest Rate Decision 4.25% 4.25% 4.25% 4.25%
2021-02-12 10:30 AM Interest Rate Decision 4.25% 4.25% 4.25% 4.25%
2021-03-19 10:30 AM Interest Rate Decision 4.25% 4.25%
2021-03-19 12:00 PM CBR Press Conference
2021-04-23 10:30 AM Interest Rate Decision
2021-04-23 12:00 PM CBR Press Conference


News Stream
Russia Signals Return to Neutral Monetary Policy
The Bank of Russia held its benchmark interest rate at 4.25 percent during its February 2021 meeting, as widely expected, saying inflation expectations of households and businesses remained elevated. Policymakers also noted that demand was recovering faster and more sustainably than expected, while supply-side restrictions were still in place and continued to exert upward pressure on prices. The central bank raised its 2021 inflation forecast to 3.7-4.2 percent, and announced it would determine the timeline and pace of a return to neutral monetary policy in the near future.
2021-02-12
Russia Holds Rates, Leaves Door Open for Further Cuts
The Bank of Russia held its benchmark interest rate at 4.25 percent during its December meeting, saying inflation is developing above its forecast and is expected to lie within the range of 4.6-4.9 percent at the end of 2020. At the same time, policymakers voiced concerns about the worsening epidemic crisis in Russia and worldwide and its impact on economic activity; while the situation in financial and commodity markets has improved, amid expectations of faster global economic recovery on the back of vaccine development progress. Looking ahead, policymakers see annual inflation reaching 3.5-4.0 percent in 2021 and stabilizing close to 4 percent later on. The central bank also said it will assess the economic and price movement developments and the existence of a potential for additional key rate reduction.
2020-12-18
Russia Holds Key Interest Rate at 4.25%
The Central Bank of Russia held its benchmark interest rate at 4.25 percent during its October meeting, as expected, saying Inflation is developing in line with the Bank of Russia’s forecast and is expected to lie within the range of 3.9-4.2% at the end of 2020. According to the Bank of Russia’s forecast, annual inflation will reach 3.5-4.0% in 2021 and will stabilise close to 4% later on. Policymakers also said the situation in external financial and commodity markets remains vulnerable; increased volatility can be expected to persist in the near future, including in view of geopolitical factors. The Bank of Russia will consider the necessity of further key rate reduction at its upcoming meetings.
2020-10-23
Russia Holds Rates, Leaves Door Open for More Cuts
The Central Bank of Russia held its benchmark interest rate at 4.25 percent during its September meeting, saying inflation rates have been slightly higher than expectations in recent months due to demand recovery after the lockdown as well as the weakening of the ruble. Still, policymakers warned that disinflationary risks still prevail in the medium run as the pace of return of the global and Russian economies to their potential will slow down. The central bank expects annual inflation to reach 3.7-4.2 percent in 2020, 3.5-4.0 percent in 2021 and to stabilize close to 4 percent later on. Officials also said they will consider the necessity of further key rate reduction at its upcoming meetings.
2020-09-18

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.