The Bank of Russia lowered its benchmark one-week repo rate by 50bps to 5.5 percent on April 24th, bringing borrowing costs to its lowest since February of 2014 and in line with market expectations. Policymakers said that significant restrictive measures have been introduced to combat the coronavirus pandemic both in Russia and across the world, which negatively influences economic activity. According to the Bank of Russia’s forecast annual inflation will reach 3.8-4.8% in 2020 and will stabilise around 4% later on; and GDP is set to decrease by 4-6% in 2020. If the situation develops in line with the baseline forecast, the Bank of Russia holds open the prospect of further key rate reduction at its upcoming meetings.

Interest Rate in Russia averaged 7.28 percent from 2003 until 2020, reaching an all time high of 17 percent in December of 2014 and a record low of 5 percent in June of 2010. 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 June of 2020. source: Central Bank of Russia

Interest Rate in Russia is expected to be 5.25 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 2021, according to our econometric models.

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Russia Interest Rate

Actual Previous Highest Lowest Dates Unit Frequency
5.50 5.50 17.00 5.00 2003 - 2020 percent Daily


Calendar GMT Actual Previous Consensus TEForecast
2019-12-13 10:30 AM Interest Rate Decision 6.25% 6.5% 6.25% 6.25%
2020-02-07 10:30 AM Interest Rate Decision 6% 6.25% 6% 6%
2020-03-20 10:30 AM Interest Rate Decision 6% 6% 6% 5.75%
2020-04-24 10:30 AM Interest Rate Decision 5.5% 6% 5.5% 5.5%
2020-06-19 10:30 AM Interest Rate Decision 5.5% 5.25%
2020-06-19 12:00 PM CBR Press Conference
2020-06-29 12:00 PM Monetary Policy Report
2020-07-31 10:30 AM Interest Rate Decision


News Stream
Russia Cuts Key Policy Rate to 5.5%
The Bank of Russia lowered its benchmark one-week repo rate by 50bps to 5.5 percent on April 24th, bringing borrowing costs to its lowest since February of 2014 and in line with market expectations. Policymakers said that significant restrictive measures have been introduced to combat the coronavirus pandemic both in Russia and across the world, which negatively influences economic activity. According to the Bank of Russia’s forecast annual inflation will reach 3.8-4.8% in 2020 and will stabilise around 4% later on; and GDP is set to decrease by 4-6% in 2020. If the situation develops in line with the baseline forecast, the Bank of Russia holds open the prospect of further key rate reduction at its upcoming meetings.
2020-04-24
Russia Holds Key Rate Despite Virus Fears, Oil Falls
The Central Bank of Russia held its benchmark interest rate at 6 percent during its March meeting, saying the ruble’s depreciation is a temporary pro-inflationary factor that might prompt annual inflation to exceed the target level this year. Policymakers' main concerns were the spread of the coronavirus epidemic and the sharp drop in oil prices, saying the dynamics of domestic and external demand will exert a meaningful constraining influence on inflation on the back of a pronounced slowdown of global economic growth and increased uncertainty. The bank also said annual inflation will return to 4 percent in 2021.
2020-03-20
Russia Slashes Key Rate to 6%, Signals Future Cuts
The Central Bank of Russia cut its benchmark one-week repo rate by 25 bps to 6.00 percent during its February meeting and signaled more rate cuts were possible at its upcoming meetings, saying inflation expectations remain stable overall while risks of a substantial global economic slowdown persist. Still, policymakers noted that the recent monetary policy easing may have a stronger upward effect on inflation than previously thought while the coronavirus outbreak will be an additional uncertainty factor over next quarters. The central bank expects that annual inflation will come in at 3.5-4.0 percent in 2020 and will remain close to 4 percent further on.
2020-02-07
Russia Cuts Rates, Signals Further Easing in 2020
The Central Bank of Russia cut its benchmark one-week repo rate by 25 bps to 6.25 percent during its December meeting and signaled more rate cuts were likely in the first half of 2020, saying households’ inflation expectations continue to decrease, while price expectations of businesses remain overall unchanged. Policymakers see annual inflation at 3.5–4.0 percent in 2020 and close to 4 percent further on.
2019-12-13

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.