The 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. Interest Rate in Russia averaged 7.31 percent from 2003 until 2019, reaching an all time high of 17 percent in December of 2014 and a record low of 5 percent in June of 2010. source: Central Bank of Russia

Interest Rate in Russia is expected to be 6.25 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 5.25 in 12 months time. In the long-term, the Russia Interest Rate is projected to trend around 5.00 percent in 2020, according to our econometric models.

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Russia Interest Rate

Actual Previous Highest Lowest Dates Unit Frequency
6.25 6.50 17.00 5.00 2003 - 2019 percent Daily



Calendar GMT Actual Previous Consensus TEForecast
2019-07-26 10:30 AM 7.25% 7.5% 7.25% 7.25%
2019-09-06 10:30 AM 7% 7.25% 7% 7%
2019-10-25 10:30 AM 6.5% 7% 6.75% 6.75%
2019-12-13 10:30 AM 6.25% 6.5% 6.25% 6.25%
2020-02-07 10:30 AM 6.25% 6%


News Stream
2019-10-25
Russia Cuts Key Rate to 6.5%, More than Expected
The Central Bank of Russia slashed its benchmark one-week repo rate by 50bps to 6.50 percent on October 25th, surprising markets who expected a 25bps reduction. It is the fourth rate cut this year, as inflation slowdown is overshooting the forecast and inflation expectations continue to decrease. The central bank lowered its annual inflation outlook for 2019 to 3.2–3.7% from 4.0–4.5%.

2019-09-06
Russia Cuts Key Policy Rate to 7%
The Central Bank of Russia cut its benchmark one-week repo rate for the third straight month by 25bps to 7 percent on September 6th as expected, saying inflation slowdown is continuing while inflation expectations remain elevated. Policymakers added that risks of a global economic slowdown have increased while risks of inflation accelerating or slowing down by the year-end are balanced. The central bank trimmed its 2019 growth forecast to 0.8-1.3% from 1.0-1.5% and lowered its end-of-year annual inflation forecast for 2019 to 4.0-4.5% from 4.2-4.7%.

2019-07-26
Russia Cuts Key Rate to 7.25%, Signals Future Cuts
The Central Bank of Russia cut its benchmark one-week repo rate by 25bps to 7.25 percent on July 26th and said more cuts were likely later this year amid slowing inflation and global growth concerns. It follows a 25bps cut in the previous meeting, bringing borrowing costs to their lowest since August of 2018 as widely expected.

2019-06-14
Russia Lowers Key Rate to 7.5%, Signals More Cuts
The Bank of Russia cut its benchmark one-week repo rate by 25 bps to 7.5 percent and signaled more rate cuts were likely in the next few months, as inflation continues to slow amid weaker than expected economic growth. Policymakers also lowered their end-of-year annual inflation forecast for 2019 to 4.2-4.7 percent from 4.7-5.2 percent previously estimated. Moving on, the central bank sees annual inflation staying close to 4 percent.

2019-04-26
Russia Holds Rates, Signals Future Cuts
The Bank of Russia held its benchmark one-week repo rate at 7.75 percent during its April meeting, as widely expected, saying inflation started to slow after hitting a two-year high in March. Policymakers also said that the decision to hike rates in September and December were sufficient to curb the effects of one-off pro-inflationary factors and that there is a possibility of turning to cutting the key rate in Q2-Q3 2019. The bank expects annual inflation to return to 4 percent in the first half of 2020.

2019-03-22
Russia Holds Key Interest Rate Steady at 7.75%
The Bank of Russia left its benchmark one-week repo rate at 7.75 percent on March 22nd, in line with market expectations, saying inflation is holding lower than expected after a VAT increase in January. Also, policymakers said short-term pro-inflationary risks have decreased. The central bank lowered its end-of-year annual inflation forecast in 2019 to 4.7-5.2 percent from 5.0-5.5 percent previously expected, before returning to 4 percent in the first half of 2020.


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.

Russia Money Last Previous Highest Lowest Unit
Interest Rate 6.25 6.50 17.00 5.00 percent [+]
Interbank Rate 6.74 6.89 45.30 4.20 percent [+]
Money Supply M0 9394.00 9354.60 9411.90 0.10 RUB Billion [+]
Money Supply M1 22527.76 22135.23 22527.76 106.31 RUB Billion [+]
Money Supply M2 49195.30 48083.00 49195.30 1090.10 RUB Billion [+]
Foreign Exchange Reserves 554359.00 542029.00 596566.00 4532.00 USD Million [+]
Central Bank Balance Sheet 2477.70 2360.60 3300.70 8.90 RUB Billion [+]
Loans to Private Sector 29568285.00 29341866.00 29568285.00 4601204.00 RUB Million [+]
Deposit Interest Rate 4.58 4.99 101.96 4.58 percent [+]
Cash Reserve Ratio 8.00 8.00 10.00 0.50 percent [+]