The Central Bank of Russia raised its benchmark policy rate by 75 bps to 7.5% during its October meeting, the highest since June 2019 and compared to markets forecast of a 50 bps increase. It follows a 25bps interest rate hike in September. Policymakers noted that inflation is developing substantially above the Bank of Russia’s forecast and is expected to be within the range of 7.4–7.9% at the end of 2021. Based on the Bank of Russia’s forecast, given the monetary policy stance, annual inflation will edge down to 4.0–4.5% in 2022 and will remain close to 4% further on. If the situation develops in line with the baseline forecast, the Bank of Russia holds open the prospect of further key rate rises at its upcoming meetings. source: Central Bank of Russia
Interest Rate in Russia averaged 7.13 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 October of 2021.
Interest Rate in Russia is expected to be 7.75 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 7.00 percent in 2022 and 6.50 percent in 2023, according to our econometric models.