The Central Bank of Russia raised its benchmark interest rate by 50bps to 5.0 percent during its April meeting, compared with market expectations of a 25bps hike, saying that the rapid recovery of demand and elevated inflationary pressure called for an earlier return to neutral monetary policy. Policymakers reiterated they will consider further rate increases at the upcoming meetings. Looking ahead, the central bank sees inflation rate at 4.7-5.2 percent in 2021, before returning to the target in the middle of 2022 and remaining close to 4 percent further on. source: Central Bank of Russia

Interest Rate in Russia averaged 7.15 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 April of 2021.

Interest Rate in Russia is expected to be 5.50 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 6.00 in 12 months time. In the long-term, the Russia Interest Rate is projected to trend around 6.00 percent in 2022, according to our econometric models.

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Russia Interest Rate

Actual Previous Highest Lowest Dates Unit Frequency
5.00 4.50 17.00 4.25 2003 - 2021 percent Daily


Calendar GMT Actual Previous Consensus TEForecast
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 4.5% 4.25% 4.25% 4.25%
2021-04-23 10:30 AM Interest Rate Decision 5% 4.5% 4.75% 4.75%
2021-05-04 12:00 PM Monetary Policy Report
2021-06-11 10:30 AM Interest Rate Decision 5.5%
2021-06-11 12:00 PM CBR Press Conference
2021-07-23 10:30 AM Interest Rate Decision 5.5%


News Stream
Bank of Russia Hikes Key Interest Rate by 50Bps
The Central Bank of Russia raised its benchmark interest rate by 50bps to 5.0 percent during its April meeting, compared with market expectations of a 25bps hike, saying that the rapid recovery of demand and elevated inflationary pressure called for an earlier return to neutral monetary policy. Policymakers reiterated they will consider further rate increases at the upcoming meetings. Looking ahead, the central bank sees inflation rate at 4.7-5.2 percent in 2021, before returning to the target in the middle of 2022 and remaining close to 4 percent further on.
2021-04-23
Russia Unexpectedly Raises Rates, Signals Future Hikes
The Bank of Russia raised its benchmark interest rate by 25 bps to 4.50 percent during its March 2021 meeting, surprising markets that had expected the rate to remain unchanged at a record low of 4.25 percent and opening the prospect of further increases at its upcoming meetings. Policymakers voiced concerns about higher-than-expected consumer price growth during the first quarter, adding that inflation expectations remained elevated and the balance of risks had shifted towards pro-inflationary ones. At the same time, the central bank said that domestic demand was recovering more steadily and faster than expected and that the external demand outlook was also improving on the back of additional fiscal support measures in certain countries and accelerating vaccination paces of the population. Looking ahead, annual inflation is seen returning to the central bank's target close to 4 percent in the first half of 2022 and remain at that level further on.
2021-03-19
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 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.