The Central Bank of Russia raised its benchmark policy rate by 100bps to 8.5% during its December meeting, the highest since September 2017 and in line with expectations. The Russian central bank has been steadily raising rates this year to contain rising price pressures. If the situation develops in line with the baseline forecast, the Bank of Russia holds open the prospect of further key rate increase at its upcoming meetings. Based on the Bank of Russia’s forecast, given the monetary policy stance, annual inflation will edge down to 4.0–4.5% by late 2022 and will remain close to 4% further on. 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 January of 2022.

Interest Rate in Russia is expected to be 8.50 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 7.50 percent in 2022 and 6.50 percent in 2023, according to our econometric models.

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Russia Interest Rate


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
8.50 7.50 17.00 4.25 2003 - 2021 percent Daily

Calendar GMT Actual Previous Consensus TEForecast
2021-09-10 10:30 AM Interest Rate Decision 6.75% 6.5% 7% 7%
2021-10-22 10:30 AM Interest Rate Decision 7.5% 6.75% 7.25% 7.25%
2021-12-17 10:30 AM Interest Rate Decision 8.5% 7.5% 8.5% 8%
2022-02-11 10:30 AM Interest Rate Decision 8.5% 8.75%
2022-02-11 12:00 PM CBR Press Conference
2022-02-21 12:00 PM Monetary Policy Report


Related Last Previous Unit Reference
Interest Rate 8.50 7.50 percent Dec/21
Interbank Rate 9.09 9.09 percent Jan/22
Money Supply M0 12954.20 13020.60 RUB Billion Nov/21
Money Supply M1 34544.57 33801.66 RUB Billion Nov/21
Money Supply M2 62312.50 60813.70 RUB Billion Nov/21
Foreign Exchange Reserves 630627.00 622501.00 USD Million Dec/21
Central Bank Balance Sheet 54288886.00 53130511.00 RUB Million Nov/21
Loans to Private Sector 38997896.00 38292980.00 RUB Million Oct/21
Deposit Interest Rate 4.60 4.34 percent Nov/21
Cash Reserve Ratio 8.00 8.00 percent Oct/21


News Stream
Russia Hikes Key Policy Rate to 8.5%
The Central Bank of Russia raised its benchmark policy rate by 100bps to 8.5% during its December meeting, the highest since September 2017 and in line with expectations. The Russian central bank has been steadily raising rates this year to contain rising price pressures. If the situation develops in line with the baseline forecast, the Bank of Russia holds open the prospect of further key rate increase at its upcoming meetings. Based on the Bank of Russia’s forecast, given the monetary policy stance, annual inflation will edge down to 4.0–4.5% by late 2022 and will remain close to 4% further on.
2021-12-17
Monetary Policy Divergence is Set to Widen
This week, 20 central banks will hold their last monetary policy meeting this year facing the highest inflation rates in decades and the uncertainty to economic growth coming from a new Omicron coronavirus variant. The Fed, BoE, and ECB are set to provide updates on the timing of tapering while Russia, Mexico, Chile, Colombia, and Hungary may hike rates again. On the other side, Turkey will cut one-week repo auction rate defying a need to tame surging consumer prices and a falling lira.
2021-12-13
Russia Hikes Key Policy Rate to 7.5%
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.
2021-10-22